Technical outlook and chart setups:
Silver is seen to be stalling at $17.30/40 levels at this moment, looking to drop lower towards $15.80 levels at least. The metal is expected to remain in control of bears till prices stay below $17.70 levels.The wave structure reveals that Silver might have carved out a significant top around $17.70 levels and needs to produce a meaningful correction lower, before reversing again. It is hence recommended to remain short now, with risk above $17.70 levels. Immediate resistance is seen through $17.70 levels, while support is seen at $16.80 levels respectively. A drop below $16.80 levels would accelerate further downside.
Trading recommendations:
Remain short for now, stop at $17.90, target $15.80.
Good luck!
