Technical Analysis of Silver for May 13, 2016
Technical outlook and chart setups:
Silver is seen to be trading at $17.10 for now, after testing $16.88 level yesterday. The wave structure indicates that the metal is likely to push lower below $16.80 from the current levels. The metal is facing strong resistance at $17.60, and only a break above it would indicate that the price is heading towards $18.00/40 levels. On the other hand, downside risk will remain high till the price stays below $17.60 level, and bears are expected to remain in control. It is recommended to keep short positions now, with risk above $17.60 levels. Please note that the downside potential remains through $16.00 levels at least, and it may be not lower.
Trading recommendations:
Remain short with stop at $17.85 levels, target is open.
Good luck!
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