Technical analysis of Silver for February 05, 2014.
February 5, 2014 6:30 am
Technical outlook and chart setups:
1. Silver remains more or less unchanged since yesterday. After creating a higher low at sub $19.00 levels it could be preparing for the next rally towards $21.00/22.00. It is recommended to hold long positions. The risk remains at $18.50.
2. Immediate resistance is at $20.50 (intermediary) followed by $21.00 and $22.00, while supports are spread through $19.00 (intermediary) followed by $18.75 and sub $18.00 levels respectively.
3. The structure reveals that a meaningful low is in place at $18.75 now. The morning star produced also reveals that the next rally towards $22.00 and higher is due.
Trading recommendations:
Remain long, stop at $18.50, target at $22.00 and higher.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver remains more or less unchanged since yesterday. After creating a higher low at sub $19.00 levels it could be preparing for the next rally towards $21.00/22.00. It is recommended to hold long positions. The risk remains at $18.50.
2. Immediate resistance is at $20.50 (intermediary) followed by $21.00 and $22.00, while supports are spread through $19.00 (intermediary) followed by $18.75 and sub $18.00 levels respectively.
3. The structure reveals that a meaningful low is in place at $18.75 now. The morning star produced also reveals that the next rally towards $22.00 and higher is due.
Trading recommendations:
Remain long, stop at $18.50, target at $22.00 and higher.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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