Technical outlook and chart setups:
Silver has dropped lower towards $17.40/50 as seen here. The metal could continue moving lower until the levels of $16.94 at least and subsequently towards $16.50/70 before resuming its rally. It is recommended to hold short positions for now with risk around $18.00. The metal should produce a meaningful retracement before resuming its rally. Immediate support is seen at $16.94 followed by $16.70. $16.40/50, and lower, while resistance is seen at $18.40/50 and higher respectively. Bears could remain in control until prices stay below $17.70.
Trading recommendations:
Remain short for now, stop at $18.05, 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 19, 2015 . Thanks for your support.
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