Technical outlook and chart setups:
Silver is seen to be trading around $18.91 level at this moment, after forming lows at $18.70 level today. Please note that the metal pushed lower beyond our expectation and also nullifies a triangle consolidation structure. The wave structure now reveals that Silver has completed a corrective regular flat a-b-c structure as depicted on the chart. Furthermore, the metal is taking support at fibonacci 0.382 levels of the entire rally between $15.70 and $21.13 levels respectively. If this count holds true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The metal is expected to remain in control of bulls, till prices stay above $18.60/70 levels. It is hence recommended to remain long now, with stop below $18.40 level. Immediate resistance is seen at $20.50 level, while support is at $18.25 level respectively.
Trading recommendations:
Remain long for now, stop is below $18.25, target is $20.80 and above $21.13.
Good luck!
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