Technical outlook and chart setups:
Silver stalled at $15.70 yet again on Friday and reversed lower. The metal is trading at $15.50 now, looking for a way to drop lower towards $14.50 and complete its flat correction before resuming the recent rally. Please note that a corrective drop towards would complete wave 2, before resuming wave 3 rally towards $17.50. It is hence recommended to remain short with risk above $15.80/90. Immediate support is seen at $15.00, while resistance is at $15.93. Bears are expected to remain in control until prices stay below $15.93 going forward.
PATTERN IDENDIFIED .... AVE AND ADAM
Trading recommendations: Remain short for now, stop is above $15.80, a target is $14.50 Good luck!
Silver stalled at $15.70 yet again on Friday and reversed lower. The metal is trading at $15.50 now, looking for a way to drop lower towards $14.50 and complete its flat correction before resuming the recent rally. Please note that a corrective drop towards would complete wave 2, before resuming wave 3 rally towards $17.50. It is hence recommended to remain short with risk above $15.80/90. Immediate support is seen at $15.00, while resistance is at $15.93. Bears are expected to remain in control until prices stay below $15.93 going forward.
PATTERN IDENDIFIED .... AVE AND ADAM
Trading recommendations: Remain short for now, stop is above $15.80, a target is $14.50 Good luck!
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