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Silver Technical Levels and Trading Recommendatios for June 4, 2012

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Technical outlook and chart setups:

Silver has dropped lower towards $17.40/50 as seen here. The metal could continue moving lower until the levels of $16.94 at least and subsequently towards $16.50/70 before resuming its rally. It is recommended to hold short positions for now with risk around $18.00. The metal should produce a meaningful retracement before resuming its rally. Immediate support is seen at $16.94 followed by $16.70. $16.40/50, and lower, while resistance is seen at $18.40/50 and higher respectively. Bears could remain in control until prices stay below $17.70.

Trading recommendations:

Remain short for now, stop at $18.05, a target is open.

Good luck!

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