Technical outlook and chart setups:
Silver prints fresh lows at $16.86 on Friday last before pulling back into the $17.40/45 levels. As seen here, the metal is clearly trading in the sell zone of both lines of resistance. Furthermore please note that Silver is bouncing again at the short term resistance line, indicating lower levels possibly towards $16.00. Also note that prices have bounced back from a past support turned resistance zone at $17.40/50. Immediate resistance is at $17.80, followed by $18.60/90 and higher while support is seen at $16.00 and lower respectively. It is recommended to remain flat and look to buy lower on a bullish reversal.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
