Technical Analysis of Silver for October 05, 2016.
October 5, 2016 6:11 amVideo
Latest News
- Forecast for EUR/USD on April 24, 2024 April 24, 2024
- Forecast for GBP/USD on April 24, 2024 April 24, 2024
- Forecast for AUD/USD on April 24, 2024 April 24, 2024
- Outlook for GBP/USD on April 24. The pound has perked up April 24, 2024
- Outlook for EUR/USD on April 24. Euro rose to the upper boundary of the channel April 24, 2024
- The euro miscalculated its strength April 24, 2024
- Video market update for April 23, 2024 April 23, 2024
- Trading Signals for EUR/USD for April 23-25, 2024: buy above 1.0681 (21 SMA – 3/8 Murray) April 23, 2024
- Analysis for the EUR/USD pair on April 23rd. Euro currency prepares for another decline April 23, 2024
- Analysis for the GBP/USD pair on April 23rd. Sellers failed to take the mark of 1.2313 on the first attempt April 23, 2024
- Technical Analysis – AUDUSD gears up after disappointing US PMIs April 23, 2024
- Technical Analysis – Meta stock falls below 50-SMA ahead of earnings April 23, 2024
- USD/JPY: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- GBP/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Technical Analysis – USDJPY fights with new 34-year high April 23, 2024
- EUR/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Alphabet Q1 Earnings: Strong ad business but AI initiatives lag – Stock Markets April 23, 2024
- GBP/USD: trading plan for the US session on April 23rd (analysis of morning deals). The pound continues to decline April 23, 2024
- EUR/USD: trading plan for the US session on April 23rd (analysis of morning deals). The euro has shown rapid growth April 23, 2024
- EUR/USD. April 23rd. Bulls and bears are in balance April 23, 2024
Technical outlook and chart setups:
Silver has broken below the consolidation structure around $18.60 levels and is still expected to continue decline to $16.00 level at least. The wave structure also indicates that the metal is in its C wave correction within the 3 wave A-B-C drop that began from $21.10 levels earlier. Please note that the metal may produce
intraday rallies towards $18.20/30 levels which should be considered as
opportunities to sell again. The metal looks to be in its 3rd wave
within 5 waves into the C wave as depicted here, hence expect lower levels. It is recommended to remain short for now and look to add further at higher levels. Immediate resistance is seen at
$20.10 levels, while support lies at $17.00 levels.
Trading recommendations:
Remain short for now, stop above
$20.05, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: