Silver has finally taken out major resistance at $17.75/77 levels today. The metal printed a high at $17.80/82 levels before pulling back and should be looking to drop lower from here on. It seems that the metal has carved out a major top at $17.80/82 levels today and that the metal should produce a meaningful retracement going forward. Please note that the fibonacci 0.618 support of the recent rally from $14.60 levels is passing through $15.90 levels (past resistance turned support). The metal could probably form its next major base around $15.80/90 levels before resuming the rally. It is hence recommended to remain short for now, with risk above $17.82 levels. Immediate resistance is at $17.80 levels, while support is seen at $16.80 levels respectively.
Trading recommendations: Remain short now, , target is open. Good luck!
Silver is seen to be consolidating between $17.70 and $17.90 levels today, after hitting fresh highs at $17.95 levels last week. As seen on the daily chart view, the metal is producing a doji candlestick pattern as well, indicating a potential bearish reversal. On the flip side, a major resistance is seen at $18.40/50 levels and bulls might want to take that out before turning lower. In either case, a top and reversal should be on cards from here on. It is hence recommended to remain flat for now and look for further confirmation before taking a short decision. Immediate resistance is seen at $18.40/50 levels, while support is at $16.75 levels respectively.
Trading recommendations: looking to go short on a bearish reversal. Good luck!