Talking Point:

  • Technical Strategy: Turning Bearish
  • Elliottwave View: Progressing reversal.

Silver tested it's weekly trendline resistance after having triangle formation (flag pattern). Instrument is able to break it's temporary bullish line on hourly and 240 min charts and able to trade below. As we can see on chart, it got first support on 17.20 area post that it jump to test it's broken trendline and able to go back to 17.40 zone but failed to sustain those levels, this will be another point which making higher possibility of having reversal in place. We are seeing 16.90 as first target of this instrument.

Shorted pair @ 17.44 with 18.00 stoploss. 1st Target will be 16.90.