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FX.co ★ Silver targets mid 17.00 levels. Sell rallies towards 19.65

Silver targets mid 17.00 levels. Sell rallies towards 19.65

Silver targets mid 17.00 levels. Sell rallies towards 19.65

Technical outlook and chart setups:

The metal is following a down channel line, after breaking high off the 18.00 levels earlier. Immediate resistance is at 20.00/50, followed by 23.00 and 25.00 levels on the daily chart view depicted here; while supports is fixed at sub 18.00 levels. The recommended trading strategy should be to sell on rallies through 19.60 levels. The minimum expected extension level is around 17.60/65. This could probably be the last down leg of correction that begun from 49.00 levels. A more conservative trading approach would be to remain flat for now and buy the bottom.

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Trading recommendations:

Remain flat or sell rallies, stop at 20.75.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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