Technical outlook and chart setups:
Silver is seen to be trading at $17.30 level, after printing highs at $17.44 level yesterday and should be setting up for a drop lower; breaking the trend line support as depicted here. Please note that the metal is reversing ahead of the fibonacci 0.786 resistances at $17.55/60 levels as depicted here and a break below $17.10 level would be required to confirm that a meaningful top is in place. Besides, note that the rally from $15.80 level has unfolded into 3 waves and hence corrective in nature. High probability remains for a continued drop below $15.80 levels before changing trends. Hence it is recommended to remain short from here with risk above $18.00 levels. Immediate support is seen at $17.00/10 levels, while resistance is at $18.00 levels respectively.
Trading recommendations:
Remain short from here, stop above $18.00 levels, a target is open.
Good luck!
