Analysis of Silver for May 10, 2018

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Recently, Silver has been trading upwards. As I expected, the price tested the level of $16.59 and met my yesterday's target. According to the H4 time - frame, I found the breakout of a potential bullish flag, which is a sign that buyers are in control. I also found a potential end of bearish correction (ABC), which is a sign that Silver may trade higher. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $16.79 and at the price of $17.10.

Resistance levels:

R1: $16.62

R2: $16.75

R3: $16.89

Support levels:

S1: 16.34

S2: 16.21

S3: 16.07

Trading recommendations for today: watch for potential buying opportunities.

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