FX.co ★ Silver targeting sub 26.00 at least for now

Technical outlook and chart setups:

As seen here, the metal is still subdued in a trading range and we are still waiting for a break above 24.00 level convincingly. Immediate targets for the metal are 25.00 and 26.00/27.00 levels as Fibonacci extension levels are depicted in RED. Please note that 26.00/50 levels is the area of past support turned resistance level now, hence that would be of interest for a possible exit of long positions taken and re-entering shorts. Higher up resistance levels are at 28.00/10, followed by 29.20/30, 32.20 and higher, while intermediary support is at sub 22.00 level, followed b 21.50 and 20.00 respectively. It is recommended to remain long for now, till around 25.00/26.00 levels and then reverse. Also note that a fresh new low between 20.00 and 21.50 still remains a possibility before a bullish reversal can materialize.

Trading recommendations:

Remain long for now, stop is at 21.80, and targets are at 25.00 and 26.00.

Good luck!