Silver is looking to push ahead of $16.70/75 levels after bouncing off $16.25 last Friday. Please note that the metal remains buy on dips till prices remain above $15.50 levels. Also note that the metal is forming a potential inverted head and shoulder reversal, with $15.50 being the right shoulder. Any intraday drop towards $16.00/15.75 levels should be considered as opportunity to initiate fresh long positions. Immediate support is seen at $16.00 (past resistance turned support), followed by $15.50, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher respectively.
Trading recommendations:
Remain long and look to buy further on dips till prices are above $15.50 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is looking to push ahead of $16.70/75 levels after bouncing off $16.25 last Friday. Please note that the metal remains buy on dips till prices remain above $15.50 levels. Also note that the metal is forming a potential inverted head and shoulder reversal, with $15.50 being the right shoulder. Any intraday drop towards $16.00/15.75 levels should be considered as opportunity to initiate fresh long positions. Immediate support is seen at $16.00 (past resistance turned support), followed by $15.50, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher respectively.
Trading recommendations:
Remain long and look to buy further on dips till prices are above $15.50 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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