Technical outlook and chart setups:
Silver has swung both sides today hitting highs at $19.31 and lows at $19.00 level respectively. The metal is seen to be trading at $19.17 and it should be looking to rally towards $19.70 level at least from here. The wave structure indicates that the metal has produced an impulse from $18.65 level and drops should be corrective in nature. The metal should be well supported around $18.90 level if prices manage to reach there. It is hence recommended to continue holding long positions now, with risk at $18.00 levels. Immediate support is seen through $18.60 level, while resistance is at $20.10/20 levels respectively. Bulls are expected to remain in control till prices stay above $18.65 level going forward.
Trading recommendations:
Remain long now, stop at $18.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com