Technical outlook and chart setups:
Silver has raised through $17.70 levels today before retracing lower. The metal might have formed an intermediary high for now and could be looking to drop further lower towards the level of $16.40 before resuming its rally. It is hence recommended to book profits on long positions taken earlier. Aggressive trade setup could be initiated for short positions with risk above $17.95 for now. Immediate support is seen at $16.90 followed by $16.20, $15.80, $15.30, and lower while resistance is seen at $17.40/50 followed by $18.40 respectively.
Book profits on long positions taken earlier. Aggressive trade setup is to initiate 50% short positions, stop at $17.95/18.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com