Technical outlook and chart setups:
Silver pushes through $18.60 levels taking stops out for now. The metal exposes the $18.20 lows at the moment, and a break there could see lower levels into $17.00 and below levels. It is recommended to remain flat for now and watch out for a reaction at the support line depicted here. Please, note that Silver remains in a larger consolidation on the weekly chart view and a bullish bounce from the support line now could revive prices all the way towards the $21.00 levels. On the flip side, a break below would be extremely encouraging for bears and push prices through the $17.00 levels. Immediate support is now seen at $18.20 levels, while resistance is seen at $19.90/$20.00 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
