Technical outlook and chart setups:

Silver seems to have formed
intermediary lows at $18.47 levels yesterday and is seen to be trading at $18.65
levels at this moment. Looking at the wave structure, there is no change and
the metal still looks constructive for bulls to stage a rally from here. Please
note that the metal has terminated a regular flat (a-b-c) as wave 4
consolidation. Furthermore, it has bounced from fibonacci 0.50 levels of the
entire rally between $15.70 and $21.13 levels respectively. If this count holds
true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00
levels going forward. The metal is expected to remain in control of bulls, till
prices stay above $18.25 levels. It is hence recommended to remain long now,
with stop below $18.25 levels. Immediate resistance is seen at $19.00/10
levels, while support is at $18.25 levels respectively.

Trading recommendations:

Remain long for now, stop below
$18.25, target $20.80 and above $21.13.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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