Technical outlook and chart setups:
As depicted in the chart view here, the intermediary trend is down and silver is clearly in the sell zones of trendlines for now. Furthermore, the rally from sub 22.00 level seem to be corrective in nature (3 waves) and prices have bounced off the 0.382 Fibonacci resistance as well. Looking into all these facts, it is recommended to remain short for now and sell rallies towards 24.00 level. A clear break of 24.80 level would take prices to sub 25.00/26.00 levels which is re-enforced by Fibonacci resistance and past support turned resistance as well. Bottom line: Looking into wave structure, prices are looking lower fro here.
Trading recommendations:
Remain short. Stop is at 25.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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