FX.co ★ Silver Still Forming Base around 30.50 Level

Technical Outlook and Chart Setups:

NFP has proved to be fatal, taking out 31.00 stops last Friday. Looking into the chart structure we can say the fall that started around 35.00 level is corrective in nature (3 Waves). It is recommended to stay away for one more day waiting for bullish reversal signs on the shorter timeframes (15min-1hr). The earlier chart support at 30.20 region remains intact for now, while resistance shall be offered by 31.50 (The latest support, which turned to be resistance) and 32.50 immediately. Look to enter long positions again after watching for reversal signs at least for a day.

Trading Recommendations:

Look to re-enter buying, flat for now.

Good Luck!