Technical outlook and chart setups:
The metal is heading towards 21.00/22.00 levels as shown on charts here. Having stopped us out at 25.95 on Friday, the same level has turned to be resistance now for any rallies to be well capped below. Looking into the wave structure and momentum right now, it is recommended to remain flat and refrain from taking positions on either directions. Silver is possible headed straight towards 21.00/22.00 levels, which is past resistance turned support now. Furthermore it is represented by the 0.618 support of the entire rally from 10.00 to 49.00 levels since 2008. Looking to sell rallies towards 25/26 if prices provide opportunities or to buy low.
Trading recommendations:
Flat for now. We cannot buy before 21.50/22.00. Prepare to sell counter trend rallies.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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