Silver Technical Analysis for September 21, 2016.
September 21, 2016 5:44 amVideo
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Technical outlook and chart setups:
Silver has swung both sides today
hitting highs at $19.31 and lows at $19.00 level respectively. The metal is
seen to be trading at $19.17 and it should be looking to rally towards $19.70
level at least from here. The wave
structure indicates that the metal has produced an impulse from $18.65 level
and drops should be corrective in nature. The metal should be well supported
around $18.90 level if prices manage to reach there. It is hence recommended
to continue holding long positions now, with risk at $18.00 levels. Immediate
support is seen through $18.60 level, while resistance is at $20.10/20 levels
respectively. Bulls are expected to remain in control till prices stay above
$18.65 level going forward.
Trading recommendations:
Remain long now, stop at $18.00,
a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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