1. Silver remains virtually locked between $19.80/90 and $20.10/20, trading range since several sessions now. Directional conviction shall come on a breakout in either directions; above $20.20 or below $19.80. It is recommended to remain long for now, but avoid taking fresh positions at the moment, risk remains at $19.00/25.
2. Resistance is at $21.70/80, followed by $22.30, while support is at $19.45 (intermediary), followed by $19.00 and $18.75 respectively.
3. The structure remains unchanged for now with bulls expected to remain in control till prices are above $19.00.
Trading recommendations:
Remain long, set stop at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver remains virtually locked between $19.80/90 and $20.10/20, trading range since several sessions now. Directional conviction shall come on a breakout in either directions; above $20.20 or below $19.80. It is recommended to remain long for now, but avoid taking fresh positions at the moment, risk remains at $19.00/25.
2. Resistance is at $21.70/80, followed by $22.30, while support is at $19.45 (intermediary), followed by $19.00 and $18.75 respectively.
3. The structure remains unchanged for now with bulls expected to remain in control till prices are above $19.00.
Trading recommendations:
Remain long, set stop at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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