Silver is trading higher at $18.20 levels at this moment, looking to push towards $18.50 levels (major resistance on the weekly chart), before giving in to bears. The wave structure reveals that Silver might have topped out at $18.30 level or should produce a top at $18.50 level and produce a meaningful correction lower. Please note that the downside potential remains up to $15.40/50 levels, which is also fibonacci 0.618 support of the entire rally between $13.60 through $18.30 levels earlier. A break below $17.00 level would instill further confidence towards lower levels. It is hence recommended to remain flat and wait for the right opportunity to initiate short positions again. Immediate resistance is seen at $18.30/50 levels, while support is at $17.50 level 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 trading higher at
$18.20 levels at this moment, looking to push towards $18.50 levels (major
resistance on the weekly chart), before giving in to bears. The wave structure
reveals that Silver might have topped out at $18.30 level or should produce a
top at $18.50 level and produce a meaningful correction lower. Please note
that the downside potential remains up to $15.40/50 levels, which is also
fibonacci 0.618 support of the entire rally between $13.60 through $18.30
levels earlier. A break below $17.00 level would instill further confidence
towards lower levels. It is hence recommended to remain flat and wait for the
right opportunity to initiate short positions again. Immediate resistance is
seen at $18.30/50 levels, while support is at $17.50 level 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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