Technical outlook and chart setups:
Silver made intraday low at $16.95 levels yesterday after reversing from the trend line resistance earlier, as it is shown here. A push higher from current levels could break the inner trend line resistance and also $18.00 levels. On the flip side, a push lower from here towards the trend could see prices drifting towards the $16.00 levels. Immediate resistance is seen at the $17.80 levels, followed by $18.00, $18.60 and higher while support is seen at $16.80 and lower respectively. It is recommended to remain flat for now, and look to trade on a resistance break. The metal could see a bottom sooner from current levels; maximum downside being $16.00 levels.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
