Silver starts the week lower, attempting towards the recent low at 19.38 where the overall bias remains bearish. Holding below 20.13 previous broken low and key resistance keeps the bearish outlook intact. Only a push back above the aforementioned level suggests a deeper upside rebound. Next downside targets are at 19.00 and 18.55.
Support: 19.55, 19.00, 18.75, 18.50, 18.00
Resistance: 20.13, 20.50, 21.00, 21.50, 22.10
Recommendation Based on the chart and explanations above, we prefer to short silver below 20.00, targeting 19.50,19.00 and 18.55. Stop loss with hourly closing above 20.35
Support: 19.55, 19.00, 18.75, 18.50, 18.00
Resistance: 20.13, 20.50, 21.00, 21.50, 22.10
Recommendation Based on the chart and explanations above, we prefer to short silver below 20.00, targeting 19.50,19.00 and 18.55. Stop loss with hourly closing above 20.35