Technical outlook and chart setups:
Silver has pulled back from sub $18.00 levels yesterday as seen here. It is also the fibonacci 0.382 resistance of the drop between $18.90 and $17.30 levels as depicted. A 1H chart view has been presented here for a closer look into the wave structure. It clearly indicates that the metal remains very much into the sell zone of resistance line. The immediate resistance is seen at $18.60/90 region, followed by $19.10/20 while support is at $17.30 (interim). It is recommended to still remain flat since bulls need to clear at least $18.60/90 before a bullish reversal could be confirmed. Downside risk remains but the metal is soon approaching its major support region around $16.00 levels.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
