Silver is looking for support around 23.00 level before a possible bounce. Currently the metal is trading at around 23.70/75 levels, expect the metal to dip to 23.00 level soon. A bullish bounce at 23.00 would be recommended to go long. The region is also marked by Fibonacci 0.618 support level. Intermediary resistance is at 24.80 level, followed by 25.50 and 26.50 levels. Please note that 26.00/50 region would act as a strong resistance now, since it was a past support on the weekly chart. It is recommended to exit long positions and enter short around that region, once reached. Support is at 23.00, followed by 22.00 and 21.45 respectively.
Trading recommendations:
Looking to buy on a dip towards 23.00. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is looking for support around 23.00 level before a possible bounce. Currently the metal is trading at around 23.70/75 levels, expect the metal to dip to 23.00 level soon. A bullish bounce at 23.00 would be recommended to go long. The region is also marked by Fibonacci 0.618 support level. Intermediary resistance is at 24.80 level, followed by 25.50 and 26.50 levels. Please note that 26.00/50 region would act as a strong resistance now, since it was a past support on the weekly chart. It is recommended to exit long positions and enter short around that region, once reached. Support is at 23.00, followed by 22.00 and 21.45 respectively.
Trading recommendations:
Looking to buy on a dip towards 23.00. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: