Technical outlook and chart setups:
Silver is seen to be trading at $17.507 level at this moment of writing, looking to produce a bounce at 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.
Silver price shows positive attempts to move above 17.43 level again, which supports continuation of the scenario for today efficiently. Reinforced by positivity, the price waits to breach the 17.80 level to ease the mission of heading towards our positive targets begining at 18.30 and extending to 19.38. Let us remind that holding above 17.43 level represents the most important condition to achieve the suggested targets. The expected trading range from Monday to Friday with high Break 17.85 or closing on END OF DAY is between 17.20 support and 18.30 resistance.
Trading recommendations: Aggressive traders may remain long, with stop at $17.00 and targeting $18.50 at least.
REPORT IS BASED ON ANLYSIS>>>> BRW, WAVE, PATTERN FORMATION, SVA, DIS AND PRO & CLOSING BASE.
DISCLAIMER >>>>>>>> THIS IS MY PERSONAL VIEW .
Silver also pushed higher towards $17.88 levels yesterday before pulling back sharply. The metal seems to have formed interim lows at $17.51 levels and it should be looking to rally towards higher levels ($18.30). As an alternate though, if prices drop below $17.30 level, the metal would be heading towards printing lower lows from here. The wave structure indicates that the metal should produce a counter trend rally this week and terminate around $18.50 level. A turn lower from there would push prices lower towards $16.50 level before resuming a rally, which is the fibonacci 0.618 support of an earlier rally between $13.60 and $21.10 levels respectively. 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 level. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.00 level respectively. Trading recommendations: Aggressive traders may remain long, with stop at $17.00 and targeting $18.20 at least. Conservative trade setup would be to go short on rallies towards $18.50 level. Good luck!