Technical outlook and chart setups:

Silver looks to have formed
interim lows at $17.00 level before pulling back higher. The metal is seen to
be trading at $17.34 level for now, looking to stage a counter trend rally
towards $19.00 level. The wave structure also indicates that the metal is into
its wave C correction within the 3-wave A-B-C drop that began from $21.10
level earlier. The metal is expected to form base around $16.50/60 levels
which is also the fibonacci 0.618 support of the entire rally between $13.70
and $21.10 levels respectively. It is
recommended to book profits on short positions taken earlier and wait for
opportunities to sell again. Immediate resistance is seen at $19.60 level,
while support is at $17.00 level respectively.

Trading recommendations:

Please take profits on short
positions taken earlier and remain flat for now.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Learn the Art of Trading

Earning Consistent Profits As a Trader Is Not As Easy As Many People Would Have You Believe. Join This Mailing List To Learn The Art of Trading for Free.

You have Successfully Subscribed!

Pin It on Pinterest

Shares
Share This

Please sharing

Please share this post with your friends!

Shares