1. Silver has taken out the initial resistance (intermediary) at $20.20/30 levels before pulling back. At the moment, the metal is trading around $19.90 levels and is expected to resume rally soon towards at least $21.40/50 levels. It is recommended to remain long for now and also look to add fresh positions here. Risk remains at $19.00 for now.
2. Support is at $19.0, followed by $18.75 and lower while resistance is spread through the $21.70/80 levels, followed by $22.30 and $23.00 respectively.
3. The structure is indicative of a bullish extension towards $23.00, $25.00 and higher levels. For this to materialize, $19.00 levels should hold good.
Trading recommendations:
Remain long, set stop at $19.00/25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver has taken out the initial resistance (intermediary) at $20.20/30 levels before pulling back. At the moment, the metal is trading around $19.90 levels and is expected to resume rally soon towards at least $21.40/50 levels. It is recommended to remain long for now and also look to add fresh positions here. Risk remains at $19.00 for now.
2. Support is at $19.0, followed by $18.75 and lower while resistance is spread through the $21.70/80 levels, followed by $22.30 and $23.00 respectively.
3. The structure is indicative of a bullish extension towards $23.00, $25.00 and higher levels. For this to materialize, $19.00 levels should hold good.
Trading recommendations:
Remain long, set stop at $19.00/25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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