Technical outlook and chart setups:
Silver has almost hit the
expected target at $18.50 levels as discussed earlier. The metal trades at $18.45
levels for now, looking to retrace/resume lower after hitting the past support
turned resistance zone as well, as depicted here. The metal seems to have
formed a top yesterday at $18.50 levels or a top could be very near before the
metal turns lower. The wave structure
indicates that the metal is poised to complete its counter trend rally this
week and terminate around $18.50/70 levels. A turn lower from here would push
prices lower towards $17.00 and $16.50 levels before resuming rally. It is recommended to book profits on all long
positions taken earlier and prepare to go short. Immediate resistance is seen
at $18.50/19.00 levels, while support is at $17.75 levels respectively.
Please book profits on all long
positions taken earlier and prepare to go short around $18.50/70 levels, with
stop above $19.50.
The material has been provided by InstaForex Company – www.instaforex.com