Technical outlook and chart setups:
Silver had dropped to yet another low at $15.85 levels on Thursday before bouncing higher. Please note that the metal is trading around $16.00/05 levels for now and it might be looking to test recent swing lows before turning higher again. The recent rally from $15.85 to $16.27 levels looks corrective and hence the trend might not have changed yet. Furthermore, the metal is trading near the past resistance turned support region indicating a bottom is near. The wave structure indicates that the entire rally from $13.60 to $21.00 levels has been retraced to the Fibonacci 0.618 supports, and a turn is just round the corner. Immediate support is seen at $15.80 levels, while resistance is at $17.25 levels.
Trading recommendations:
Remain flat now and look to go long around yet another low.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2h1LNlU
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