Technical outlook and chart setups:
Silver was pushed through $17.12/17 yesterday before pulling back. The metal has produced a doji candlestick pattern, indicating a potential change in the direction. Prices are expected to retrace lower into the area around $16.00 before resuming the rally. It is recommended to remain flat for now and look for that dip to enter long positions again. Immediate support is seen at $16.60 followed by $15.80, $15.30, and lower, while resistance is seen at $17.50 followed by $18.50 and higher respectively. The pair needs to correct lower before resuming further rally.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
