Technical outlook and chart setups:
Silver has dropped and almost hit the first estimated target at $15.00 levels as discussed yesterday. The metal is trading at $15.27 levels for now, looking to form intermediary lows at $14.90/15.00 levels before pulling back. According to the wave structure, it was well anticipated that a meaningful top was in place at $16.13 levels earlier. The metal has responded well and bears remain in control now with short term profit booking seen at $15.00 levels. Also note that a continued drop towards $14.50 levels remains quite possible before the metal turns bullish again. It is hence recommended to remain short for now, with risk lowered to $15.75 levels. Immediate resistance is seen at $15.50 levels, while support is seen through $15.00 levels respectively.
Trading recommendations:
Remain short for now, stop at $15.75, target $15.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com