Technical outlook and chart setups:
Silver has also retreated lower
from $17.50 level on Friday to $17.35 level at this moment, looking to break
below $17.00 level and push towards at least $16.50 level going forward. The
metal could also form a bottom around $15.00/25 levels carving a larger support
for the entire rally between $13.60 and $18.00 levels. The wave structure also
reveals that a drop towards $15.30 level is quite possible since it is also
fibonacci 0.618 support of the earlier rally between $14.60 and $18.00 level
respectively. It is hence recommended to remain short for now, with risk at $18.00
levels. Immediate support is seen at $17.00 level, while resistance is at
$18.00 level respectively. Bears are expected to remain in control at least
for short term.
Trading recommendations:
Remain short for now, stop at
$18.30 levels; a target is at least $16.50 level.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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