Silver rallies above past resistance at 22.50. Buy on dips now.


Technical outlook and chart setups:
The metal has rallied above the past initial resistance at the 22.50 levels as depicted here. It is recommended to exit short positions if any and change the trading strategy to buying on dips from here on. Fibonacci retracement levels are pointing towards the 21.30/50 levels as best buy for the next projected rally towards 24.00 and higher. Initial resistance is at 23.40/50, followed by 24.00 and higher up; while intermediary support is at 20.50, followed by 19.00 and 18.00 respectively. Please also note that the falling resistance line, which would act as support now, is also passing across the same region around 21.30/50 for the next potential rally.

Trading recommendations:
Buy on dips towards 21.30/50.

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