Technical outlook and chart setups:
Silver rallies through fresh highs above $17.50 levels today. The metal is very close to taking out resistance at $17.75 levels. Bulls should be poised to push through before producing a meaningful retracement lower. As depicted here, the metal can drop towards $16.50 levels as minimum retracement, before turning bullish again. Silver exceeded Gold in its Wave 3 rally, and looks to be poised to continue momentum for now. It is hence recommended to remain flat now and look to buy on dips from here. Immediate resistance is seen at $17.75 levels, while support is seen through $16.50 levels.
Trading recommendations:
Remain flat for now, look to buy on dips.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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