Technical outlook and chart setups:
Silver is seen to be trading at
$17.45 levels at this moment, drifting sideways. The metal should be looking to
drop lower and break below $17.10 levels going forward. The wave structure
indicates that Silver should be correcting lower in 3 waves towards at least
$16.30/50 levels if not lower. Also note that a break below $15.80 levels would
confirm that the metal is in for a deeper correction towards $15.00 levels.
High probability remains for a bottom formation at $15.00 levels before turning
bullish again. It is hence recommended to remain bearish for now, with risk
above $18.00 levels. Immediate resistance is seen at $18.00 level, while
support is at $17.00 levels respectively. Bears should remain in control till
prices stay below $18.00 level.
Trading recommendations:
Remain short for now; stop at
$18.50, targeting $15.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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