Technical outlook and chart setups:
Silver has raised through $17.70 levels today before retracing lower. The metal might have formed an intermediary high for now and could be looking to drop further lower towards the level of $16.40 before resuming its rally. It is hence recommended to book profits on long positions taken earlier. Aggressive trade setup could be initiated for short positions with risk above $17.95 for now. Immediate support is seen at $16.90 followed by $16.20, $15.80, $15.30, and lower while resistance is seen at $17.40/50 followed by $18.40 respectively.
Trading recommendations:
Book profits on long positions taken earlier. Aggressive trade setup is to initiate 50% short positions, stop at $17.95/18.00, a target is open.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for May 18, 2015 . Thanks for your support.
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