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Silver Technical Analysis for October 20, 2016.

Technical outlook and chart setups:

Silver had dropped to $17.30 levels earlier before pulling back and hit $17.77 levels hinting a break out. The metal is seen to be trading at $17.71 levels for now, looking to stage a counter trend rally towards $18.50/19.00 levels. Silver is lagging slightly behind its counterpart, gold, and it is expected to correct lower and then push above $17.77 levels. Since silver has bounced off a multi month support trend line, the trend is likely to continue from here. The wave structure also indicates that the metal is expected to produce a counter trend rally towards $18.50 levels at least. If the metal reverses from $18.50/19.00 levels, then it will form base around $16.50/60 levels which is also the Fibonacci 0.618 support of the entire rally between $13.70 and $21.10 levels respectively (not shown here). It is recommended to remain flat for now and look for opportunities to sell again on rallies. Aggressive traders should remain long with risk at $17.00 levels. Immediate resistance is seen at $18.50/19.00 levels, while support lies at $17.00 levels.

Trading recommendations:

Remain flat for now. Aggressive traders should remain long with stop at $17.00 and targeting $18.50 at least.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com