Silver seems to have formed interim lows at $18.90 levels yesterday before pulling back higher. The metal is seen to be trading at $19.22 levels at the moment and is looking to push further towards $19.60/70 levels as depicted on the chart view presented here. Please note that the metal has dropped lower unfolding into 5 waves now (fresh lows at $18.90 levels) and hence a 3 waves counter trend rally can be expected. Please also note that Silver has reversed lower from the fibonacci 0.786 retracement of its earlier swing as discussed earlier. It is recommended to book partial profits on short taken earlier and wait for further opportunities to go short around $19.60 levels. Immediate resistance is seen at $20.10 levels, while support is at $18.65 levels respectively.
Trading recommendations:
Please book partial profits on shorts taken earlier. Stop at 20.50, 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 seems to have formed
interim lows at $18.90 levels yesterday before pulling back higher. The metal
is seen to be trading at $19.22 levels at the moment and is looking to push
further towards $19.60/70 levels as depicted on the chart view presented here. Please note that the metal has dropped lower
unfolding into 5 waves now (fresh lows at $18.90 levels) and hence a 3 waves
counter trend rally can be expected. Please also note that Silver has reversed
lower from the fibonacci 0.786 retracement of its earlier swing as discussed
earlier. It is recommended to book partial profits on short taken earlier and
wait for further opportunities to go short around $19.60 levels. Immediate
resistance is seen at $20.10 levels, while support is at $18.65 levels
respectively.
Trading recommendations:
Please book partial profits on
shorts taken earlier. Stop at 20.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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