Please book profits on all long positions taken earlier.
Technical outlook and chart setups:
Silver has almost hit the expected target at $18.50 levels as discussed earlier. The metal trades at $18.45 levels for now, looking to retrace/resume lower after hitting the past support turned resistance zone as well, as depicted here. The metal seems to have formed a top yesterday at $18.50 levels or a top could be very near before the metal turns lower. The wave structure indicates that the metal is poised to complete its counter trend rally this week and terminate around $18.50/70 levels. A turn lower from here would push prices lower towards $17.00 and $16.50 levels before resuming rally. It is recommended to book profits on all long positions taken earlier and prepare to go short. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.75 levels respectively.
Trading recommendations: Please book profits on all long positions taken earlier and prepare to go short around $18.50/70 levels.
Silver has almost hit the expected target at $18.50 levels as discussed earlier. The metal trades at $18.45 levels for now, looking to retrace/resume lower after hitting the past support turned resistance zone as well, as depicted here. The metal seems to have formed a top yesterday at $18.50 levels or a top could be very near before the metal turns lower. The wave structure indicates that the metal is poised to complete its counter trend rally this week and terminate around $18.50/70 levels. A turn lower from here would push prices lower towards $17.00 and $16.50 levels before resuming rally. It is recommended to book profits on all long positions taken earlier and prepare to go short. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.75 levels respectively.
Trading recommendations: Please book profits on all long positions taken earlier and prepare to go short around $18.50/70 levels.
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