Silver resumed its uptrend by breaking higher and reaching the level of $16.50 yesterday. The metal has formed a higher low at $15.60 confirming its upward movement here. Also note that the counter trend-line resistance was broken and any dip from here on could be considered as opportunity to go long. It is hence recommended to remain long for now with risk at $15.30. Immediate support is seen at $15.60 followed by $15.30 and lower, while resistance is seen at $16.50/60 followed by $17.40/50, $18.40/50, and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver resumed its uptrend by breaking higher and reaching the level of $16.50 yesterday. The metal has formed a higher low at $15.60 confirming its upward movement here. Also note that the counter trend-line resistance was broken and any dip from here on could be considered as opportunity to go long. It is hence recommended to remain long for now with risk at $15.30. Immediate support is seen at $15.60 followed by $15.30 and lower, while resistance is seen at $16.50/60 followed by $17.40/50, $18.40/50, and higher respectively.
Trading recommendations:
Remain long for now, stop at $15.30, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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