Technical outlook and chart setups:
Silver is seen to be trading lower at $19.25 levels for now, looking to form a bottom around $18.50/19.10 levels. The metal has dropped beyond our projection, but it looks to be forming a flat, and minimum expectations are below $19.00 levels. Please note that a meaningful top is already in place at $21.13 levels, and bears would remain in control till prices stay below. The wave structure also indicates that a break below the trend line support would be extremely encouraging for bears going forward. It is recommended to remain flat for now and look to go short at higher levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.
Trading recommendations:
Book short-term profits on short positions taken earlier and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com