05.09.201308:02 Forex Analysis & Reviews: Silver resumes pullback. Remain short.

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Technical outlook and chart setups:

Silver resumes the third wave down as expected yesterday. Modest extensions are pointing towards 21.70/80. The fibonacci 0.618 level is passing through 21.45/50 as well. It is recommended to remain short for now, and also move risk to break even levels. Intermediary resistance is at 24.50, followed by 25.00; while intermediary support is at 23.00, followed by 22.30 respectively. A push below 23.00 would confirm bearish expectations towards 21.40/50. Furthermore, it is also possible that prices fall till 20.50/21.00 levels, where the rising trendline is passing through.

Trading recommendations:

Remain short for now, move risk to breakeven levels, target is at 21.40/50.

Good luck!

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