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    Silver Technical Analysis for June 22, 2016.


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    Technical outlook and chart setups:

    Silver is seen to be trading lower at $17.25 levels for now, looking to break below $17.00/10 levels going forward. Please note that the metal has produced a bearish evening star candlestick pattern on the daily chart yesterday, indicating that the next move could be lower from here. The wave structure indicates that Silver might be preparing to complete a 3 wave correction by pushing lower towards $15.00/30 levels from here. Please note that the rally from $13.60 through $18.00 levels unfolded in 5 waves, and hence the most probable move should be a 3 wave corrective drop (a-b-c). The metal could retrace the entire rally and form a base around fibonacci 0.618 levels at $15.30. It is hence recommended to remain short for now, with risk above $18.00 levels. Immediate resistance is seen at $18.00 levels, while support is at $17.00 levels.

    Trading recommendations:

    Remain short for now, stop above $18.00 levels, target is at $15.30.

    Good luck!


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