Technical outlook and chart setups:
Silver has been trading comfortably above $17.00 levels and in the buy zone of immediate downtrend line as seen here. Immediate resistance is now seen at $17.40/50 while support is at $16.10/20 levels respectively. The bulls would like to aim for $17.40/50 levels from here till price remains above $16.20 levels. A meaningful correction can be expected once resistance at $17.40/50 is taken out. Please also note that the inverted head and shoulder reversal still remains possible, provided price remains above $14.50.00 in the sessions to come.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
