Technical Analysis of Silver for May 18, 2016
Technical outlook and chart setups:
Silver is seen to be trading at $17.03 levels. It can produce intraday rallies but remain in control of bears till prices remain below $18.00 levels. The metal dropped lower towards $16.80 levels before pulling back towards $17.40 levels as seen here. Please note that the metal might extend its corrective rally towards $17.60 levels before reversing lower towards $16.00 levels at least. It is recommended to remain short and also look to add further at $17.60 levels, with risk above $18.00 levels. Immediate resistance is seen at $17.60 levels, while support is at $16.80 levels respectively.
Remain short with stop above $18.00 levels, target is open.