Silver is expected to find interim resistance at $18.00/10 levels as depicted here. The metal is seen to be trading at $17.75 level for now, looking to stage a counter trend rally towards $18.70/19.00 levels. The wave structure also indicates that the metal is into its wave C drop, within the 3 wave A-B-C that began from $21.10 level earlier. The metal is later expected to form a base around $16.50/60 levels which is also the fibonacci 0.618 support of the entire rally between $13.70 and $21.10 levels respectively. It is recommended to remain flat for now and look for opportunities to short again on rallies. Immediate resistance is seen at $18.70/19.60 levels, while support is at $17.00 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Silver is expected to find
interim resistance at $18.00/10 levels as depicted here. The metal is seen to
be trading at $17.75 level for now, looking to stage a counter trend rally
towards $18.70/19.00 levels. The wave structure also indicates that the metal
is into its wave C drop, within the 3 wave A-B-C that began from $21.10 level
earlier. The metal is later expected to form a base around $16.50/60 levels which
is also the fibonacci 0.618 support of the entire rally between $13.70 and
$21.10 levels respectively. It is
recommended to remain flat for now and look for opportunities to short again on
rallies. Immediate resistance is seen at $18.70/19.60 levels, while support is
at $17.00 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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