Silver has dropped lower today to fresh lows at $18.47 levels as discussed yesterday and is seen to be trading at $18.55/57 levels at this moment. The metal still looks constructive for bulls to stage a rally from here. Please note that the metal has now terminated a regular flat (a-b-c) as wave 4 consolidation. Furthermore, the metal has bounced from fibonacci 0.50 levels of the entire rally between $15.70 and $21.13 levels respectively. If this count holds true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The metal is expected to remain in control of bulls, till prices stay above $18.25 level. It is hence recommended to remain long now, with stop below $18.25 level. Immediate resistance is seen at $19.00/10 levels, while support is at $18.25 level respectively.
Trading recommendations:
Remain long for now, stop below $18.25, targets are at $20.80 and above $21.13.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Silver has dropped lower today to
fresh lows at $18.47 levels as discussed yesterday and is seen to be trading at
$18.55/57 levels at this moment. The metal still looks constructive for bulls
to stage a rally from here. Please note that the metal has now terminated a
regular flat (a-b-c) as wave 4 consolidation. Furthermore, the metal has
bounced from fibonacci 0.50 levels of the entire rally between $15.70 and
$21.13 levels respectively. If this count holds true, the metal should resume
its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The
metal is expected to remain in control of bulls, till prices stay above $18.25
level. It is hence recommended to remain long now, with stop below $18.25
level. Immediate resistance is seen at $19.00/10 levels, while support is at
$18.25 level respectively.
Trading recommendations:
Remain long for now, stop below
$18.25, targets are at $20.80 and above $21.13.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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