Technical outlook and chart setups:
Silver is seen to be trading at
$17.60/70 levels at this moment, after easing out from $18.30 levels last week.
The metal has been drifting sideways since then in a dropping wedge format. The
immediate wave structure indicates that Silver is trading above its trend line
support for now and remains in control of bulls. Also note that fibonacci 0.618
support comes in at $17.50 levels and a bullish bounce there, would encourage
further confidence on bullish side. On the flip side, a break below $17.00/10
levels now would confirm that a meaningful top might have been in place and the
metal is set for a medium term correction. It is hence recommended to remain
flat for now, waiting for further evidence. Immediate support is seen at $17.50
levels, while resistance is seen at $18.30 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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