Technical Outlook and Chart Setups:
Prices have remained under pressure overnight printing fresh lows at 32.50 level before pulling back. As depicted here, there is a possibility that wave 4 may extend further towards 30.00 levels but 32.00 remains key as discussed earlier. A break below 32.00, will confirm further downside possibility towards 30.00 level before reversing. On the other hand, a bullish reversal from current levels would confirm that a low is in place and the prices will head higher. It is recommended to book profits on shorts for now and wait for bullish reversal signals. Please note that till the time the prices stay above 32.00 silver remains bullish.
Trading Recommendations:
Book profits on short positions for now. Look for opportunities to buy ahead of 32.00 level.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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