Technical outlook and chart setups:
Silver finally reversed just ahead of the major resistance at $17.75 levels yesterday. The metal is seen to be trading at $17.15 levels at the moment after printing lows at $16.80/90 levels yesterday. Please note that the metal has broken below the immediate line of support and is expected to find resistance on intraday rallies through $17.30/40 levels today. Also note that the downside potential remains through $16.40 and $16.15 levels. The metal should be poised to produce a meaningful retracement from here on. It is hence recommended to remain short now, with risk at $17.75 levels. Immediate resistance is seen at $17.40 levels, while support is at $16.80 levels respectively.
Trading recommendations:
Remain short now, stop at $17.80, target is at $16.20 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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