Technical outlook and chart setups:
Silver is seen to be trading at $17.30 levels at the moment, might be looking to print another intermediary high before $17.80 level before reversing lower. The wave structure indicates that Silver should remain below $18.00 level and push towards $16.50 level at least. Please note that the possibility still remains for a deeper correction towards $15.30 level as well before the metal turns bullish for medium term. It is hence recommended to remain short with risk at $18.30 level for now. Immediate resistance is seen at $18.00 level, while support is seen at $17.00 level respectively. The metal should be looking to form bottom at $16.50 or produce a deeper correction towards $15.30 levels.
Trading recommendations:
Remain short for now, stop at $18.30, a target is open.
Good luck!
