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Technical analysis of Silver for April 28, 2016

Technical outlook and chart setups:

Silver is seen to be stalling at $17.30/40 levels at this moment, looking to drop lower towards $15.80 levels at least. The metal is expected to remain in control of bears till prices stay below $17.70 levels.The wave structure reveals that Silver might have carved out a significant top around $17.70 levels and needs to produce a meaningful correction lower, before reversing again. It is hence recommended to remain short now, with risk above $17.70 levels. Immediate resistance is seen through $17.70 levels, while support is seen at $16.80 levels respectively. A drop below $16.80 levels would accelerate further downside.

Trading recommendations:

Remain short for now, stop at $17.90, target $15.80.

Good luck!

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