Silver had broken off the triangle consolidation on Friday last, dropped towards the last leg lower at $18.65 levels, before pulling back sharply. The metal is seen to be trading at $19.09 levels, looking to push towards $19.30 levels at least before producing a meaningful retracement lower. The wave structure indicates that Silver is setting up for a push through $19.60/70 levels at least. Meanwhile, a push through $20.10/20 levels would confirm that Silver is headed towards fresh highs. It is hence recommended to continue holding long positions now, with risk at $18.00 levels. Immediate support is seen through $18.60 levels, while resistance is at $20.10/20 levels respectively. The rally from $18.65 levels is looking to complete an impulse with another push higher above $19.16 going forward.
Trading recommendations:
Remain long now, stop at $18.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Silver had broken off the
triangle consolidation on Friday last, dropped towards the last leg lower at
$18.65 levels, before pulling back sharply. The metal is seen to be trading at
$19.09 levels, looking to push towards $19.30 levels at least before producing
a meaningful retracement lower. The wave structure indicates that Silver is
setting up for a push through $19.60/70 levels at least. Meanwhile, a push
through $20.10/20 levels would confirm that Silver is headed towards fresh
highs. It is hence recommended to continue holding long positions now, with
risk at $18.00 levels. Immediate support is seen through $18.60 levels, while
resistance is at $20.10/20 levels respectively. The rally from $18.65 levels is
looking to complete an impulse with another push higher above $19.16 going
forward.
Trading recommendations:
Remain long now, stop at $18.00,
target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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