Technical outlook and chart setups:
Silver is seen to be trading around the level of $16.67 for now and is still expected to drop lower towards $16.00 before resuming rally. Please note that the metal is still in a counter trend and could remain well supported around $16.00 bouncing off sharply. Aggressive trade setup is likely to remain short for now with risk at $17.40. Immediate support is seen at the level of $15.80 levels followed by $15.30 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls are expected to resume control around $16.00.
Trading recommendations:
Remain short stop at $17.40, target $16.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
