Technical outlook and chart setups:
Silver is seen to be trading at $17.45 level at this moment of writing, looking to produce a bullish bounce at trend line support. Please note that if this wave count holds well, the metal should push through $18.20/30 levels at least. The metal is lagging slightly behind its counterpart Gold but it is expected to push above $17.77 level now. Please also note that Silver has tested the fibonacci 0.786 support of its recent upswing as seen here. The wave structure also indicates that the metal is expected to produce a counter trend rally at least towards $18.50 levels. If the metal reverses from $18.50/19.00 levels, then it would form 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 (not shown here). It is recommended to remain flat for now and look for opportunities to short again on rallies. Aggressive traders please remain long with risk at $17.00 levels. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.00 level respectively.
Trading recommendations:
Remain flat for now. Aggressive traders may remain long, with stop at $17.00 and targeting $18.50 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com