24.10.201607:21 Forex Analysis & Reviews: Silver Technical Analysis for October 24, 2016.

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Technical outlook and chart setups:

Silver is seen to be trading at $17.54 level for now, looking to push higher towards $18.20 level at least. The metal is lagging slightly behind its counterpart Gold but it should accelerate and push through interim highs from here. The metal has tested the fibonacci 0.786 support of its recent upswing as seen here and hence ideally prices should remain above $17.30 levels from here on. The wave structure also indicates that the metal is expected to produce a counter trend rally this week and terminate around $18.50 level. A turn lower from there would push prices lower towards $16.50 level before resuming rally, which is the fibonacci 0.618 support of earlier rally. It is recommended to remain flat for now and look for opportunities to short again on rallies; aggressive traders please remain long with risk at $17.00 level. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.00 level respectively.

Trading recommendations:

Aggressive traders may remain long with stop at $17.00 and targeting $18.50 at least. Conservative trade setup would be to go short on rallies towards $18.50 levels.

Good luck!

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