Technical Analysis of Silver for November 01, 2016.
November 1, 2016 10:25 am
Technical outlook and chart setups:
Silver broke out of resistance at $17.80 level last week and is still pushing higher poised to test $18.50/70 levels easily. The metal is trading at $18.10 level for now, looking to push through the past support turned resistance zone around $18.50 level as depicted here. The metal seems to have formed interim lows at $17.75 level last week and it should hold well if the bullish structure is to remain intact. The wave structure indicates that the metal is poised to complete its counter trend rally this week and terminate around $18.50/70 levels. A turn lower from there would push prices lower towards $16.50 level before resuming a rally. It is recommended to remain flat for now and look for opportunities to short again on rallies. Aggressive traders, please remain long with risk at $17.70 level. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.75 level respectively.
Trading recommendations:
Aggressive traders may remain long with stop at $17.70 and targeting $18.50 at least. Conservative trade setup would be to go short on rallies towards $18.50 level.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Silver broke out of resistance at $17.80 level last week and is still pushing higher poised to test $18.50/70 levels easily. The metal is trading at $18.10 level for now, looking to push through the past support turned resistance zone around $18.50 level as depicted here. The metal seems to have formed interim lows at $17.75 level last week and it should hold well if the bullish structure is to remain
intact. The wave structure indicates
that the metal is poised to complete its counter trend rally this week and
terminate around $18.50/70 levels. A turn lower from there would push prices
lower towards $16.50 level before resuming a rally. It is recommended to remain flat for now and
look for opportunities to short again on rallies. Aggressive traders, please
remain long with risk at $17.70 level. Immediate resistance is seen at
$18.50/19.00 levels, while support is at $17.75 level respectively.
Trading recommendations:
Aggressive traders may remain
long with stop at $17.70 and targeting $18.50 at least. Conservative trade
setup would be to go short on rallies towards $18.50 level.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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