Silver is seen to be trading at $17.70 levels at the moment, might be looking to print another intermediary high before $17.80 level before reversing lower. The wave structure indicates that Silver should remain below $18.00 level and push towards $16.50 level at least. Please note that the possibility still remains for a deeper correction towards $15.30 level as well before the metal turns for medium term. It is hence recommended to remain short with risk at $18.30 level for now. Immediate resistance is seen at $18.00 level, while support is seen at $17.00 level respectively. The metal should be looking to form bottom at $16.50 or produce a deeper correction towards $15.30 levels.
Trading recommendations: Remain short for now ADD ON RALLY , stop at $ 18.30, CLOSING BASED a target is open. Good luck!
HOLD ALL OPEN SHORT POSITION DONT WORRY ABOUT SILVER, GOLD UPSWING.
MARKET ARE READY TO DOWN SWING
Technical outlook and chart setups:
Silver is trading higher at $18.20 levels at this moment, looking to push towards $18.50 levels (major resistance on the weekly chart), before giving in to bears. The wave structure reveals that Silver might have topped out at $18.30 level or should produce a top at $18.50 level and produce a meaningful correction lower. Please note that the downside potential remains up to $15.40/50 levels, which is also fibonacci 0.618 support of the entire rally between $13.60 through $18.30 levels earlier. A break below $17.00 level would instill further confidence towards lower levels. Hence wait for the right opportunity to initiate short positions again. Immediate resistance is seen at $18.30/50 levels, while support is at $17.50 level respectively.
FINALLY SILVER HITS MAZOR RESSITANCE 18.49
NOW WE ARE LOOKING TO SEE IF SILVER CLOSE TODAY ABOVE 18.30 THEN AUTOMATICALLY STOP LOSS HIT AND EXIT FROM SELL SETUP.
IF CLOSE AND PLEASE EXIT ALL SHORTS SETUP