Technical outlook and chart setups:
Silver is seen to be trading at $17.70 levels, after printing highs at $17.85/90 levels today. The metal is expected to be looking lower from here and push below $15.80 levels at least, before turning higher again. The wave structure indicates that the metal rallied into 5 waves from $13.60 through $18.00 levels earlier. A drop from $18.00 towards $15.80 levels and subsequent rally towards $17.90 levels can be identified as wave A and B of a simple flat correction. If the above count holds true, the metal is expected to unfold into 5 waves towards Wave C and $15.30/50 levels as depicted on the chart view here. It is hence recommended to remain short for now, with risk above $18.00 levels. Immediate support is seen at $17.00 levels, while resistance is at $18.00 levels respectively.
Trading recommendations:
Remain short, stop is above $18.30 levels, target is $15.50.
Good luck!
