Silver clearly remains in the buy zone of the downtrend line resistance as seen here on the daily chart view. The metal is trading at $16.40 levels for now, after printing intraday highs at $16.75 levels. Please note that the metal is heading north as long as $15.50 and $14.50 remain intact. An inverted head and shoulder structure is being unfolded, with $15.50 projected as the right shoulder and the minimum extensions are pointing towards $18.30/18.90 levels. Immediate support is at $15.50 levels, followed by $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher up respectively.
Trading recommendations:
Remain long, stop at $14.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver clearly remains in the buy zone of the downtrend line resistance as seen here on the daily chart view. The metal is trading at $16.40 levels for now, after printing intraday highs at $16.75 levels. Please note that the metal is heading north as long as $15.50 and $14.50 remain intact. An inverted head and shoulder structure is being unfolded, with $15.50 projected as the right shoulder and the minimum extensions are pointing towards $18.30/18.90 levels. Immediate support is at $15.50 levels, followed by $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher up respectively.
Trading recommendations:
Remain long, stop at $14.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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