Silver Daily Outlook

FX:XAGUSD   Silver / U.S. Dollar
132 1 1
Silver             is trading major support $17.37 (23.6% retracement of $13.90 and $18.45) any break below will confirm the continuation of bearish trend .

On the downside break below will take the pair to $16.75/$16.20 in short term.

The minor resistance is around 18.20 and break above will target $18.60/$19.05.

Indicator (1 hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell silver             around $17.52-57, SL 18.20, Targets $16.75/$16.25.
This week we have had options and futures expiry (plus first notice day coming Friday).
Typically (considering a prior strong uptrend and a very high OI, open interest) a pullback this week was expected. It's not a topping out process but rather a local bottomming out process. Next week I expect prior uptrend to continue with a high probability
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