Technical outlook and chart setups:
Silver is seen to be trading at $17.30 levels for now after printing highs at $17.43 levels today. The metal is poised to drop lower below $16.80 levels from here and to a base at $15.80 or lower, before resuming uptrend. Please note that the metal unfolded a flat wave structure that terminated around the resistance of the Fibonacci 0.618 retracement of the drop between $17.70 and $16.77 levels respectively. A bearish reaction is expected around these levels as depicted here. It is hence recommended to remain short now, with risk at $17.70/80 levels. Immediate resistance is seen at $17.77 levels, while support is seen through $16.80 levels (intermediary).
Trading recommendations:
Remain short now, stop at $17.70/80, target is $15.80 and $15.40.
Good luck!
