Technical outlook and chart setups:
Silver is drifting sideways into cone consolidation structure as depicted on the 4H chart view here. The metal is seen to be trading at $18.94 levels at this moment, looking to break above the consolidation resistance line. Please note that Silver had bounced off the fibonacci 0.786 support of the rally between $18.40 and $20.10/20 levels earlier, and is expected to remain supported above $18.70 levels for now. The wave structure indicates that the drop from $20.10 levels is still corrective in nature and that bulls could regain control from here. Only a consistent drop below $18.30 levels would confirm that Silver is heading towards a deeper correction. It is hence recommended to remain long for now, with risk below $18.30 levels. Immediate resistance is seen at $19.70 levels, while support is at $18.30 levels respectively.
Trading recommendations:
Remain long now, stop at $18.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2coXZs8
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