03.10.201601:25 Forex Analysis & Reviews: Silver Technical Analysis for October 03, 2016.

Long-term review

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Technical updates and chart setups:

Silver had rallied through $19.60/70 levels last week as expected and discussed and has reversed sharply from there as seen on the 4H chart view. The metal is seen to be trading at $19.13 levels for now and it is just a matter of time before it reverses lower towards fresh swing lows. The wave structure also indicates that the metal has now completed its 3 wave corrective rally towards $19.60/70 levels and is expected to drop lower unfolding into 5 waves towards $18.20 levels at least. Please note that the metal might produce intraday rallies from current levels but they should remain well capped below $19.60/70 levels and it should be viewed as opportunity to add further short positions. It is recommended to remain short for now and also look to add further at higher levels. Immediate resistance is seen at $20.10 levels, while support is at $18.65 levels respectively.

Trading recommendations:

Remain short for now, stop above $20.05, target is open.

Good luck!

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