Technical outlook and chart setups:
Silver is expected to find interim resistance at $18.00/10 levels as depicted here. The metal is seen to be trading at $17.75 level for now, looking to stage a counter trend rally towards $18.70/19.00 levels. The wave structure also indicates that the metal is into its wave C drop, within the 3 wave A-B-C that began from $21.10 level earlier. The metal is later expected to form a base around $16.50/60 levels which is also the fibonacci 0.618 support of the entire rally between $13.70 and $21.10 levels respectively. It is recommended to remain flat for now and look for opportunities to short again on rallies. Immediate resistance is seen at $18.70/19.60 levels, while support is at $17.00 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com