Technical outlook and chart setups:
Silver has reversed lower after hitting close to $19.00 level indicating that a meaningful top is in place now and the metal is expected to decline deeper. The metal is trading at $18.75 level for now, looking to sink lower towards $17.00 and $16.50 levels respectively. Please note that the metal has reversed from fibonacci 0.618
resistance levels of the drop between $19.70 and $17.10 levels as seen here.
The area turns out to be past support turned resistance zone as well. The wave
structure indicates that the metal has completed its counter trend rally at
$19.00 levels and bears are expected to remain in control going forward. A
break below $18.00 levels would confirm and accelerate towards $17.00 and lower
levels. It is recommended to book
profits on all long positions taken earlier and remain short. Immediate
resistance is seen at $19.00 level, while support is at $18.35 level
respectively.
Trading recommendations:
Please book profits on all long
positions taken earlier turn short now at $18.75 level, with stop above $19.60.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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