Technical analysis of Silver for January 31, 2014.
January 31, 2014 12:20 pm
Technical outlook and chart setups:
1. Silver has retraced to out expected levels of $19.00 as seen here. It is recommended to hold long positions taken earlier and look to add further now. Risk remains at $18.50.
2. Immediate support is at $18.50, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.
3. The entire structure reveals that a meaningful bottom is in place at $18.75 recently. The metal has also retraced towards $19.00 levels, a bullish reversal here could look to target $22.00 at least.
Trading recommendations:
Remain long, add further at current levels, stop at $18.50, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver has retraced to out expected levels of $19.00 as seen here. It is recommended to hold long positions taken earlier and look to add further now. Risk remains at $18.50.
2. Immediate support is at $18.50, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.
3. The entire structure reveals that a meaningful bottom is in place at $18.75 recently. The metal has also retraced towards $19.00 levels, a bullish reversal here could look to target $22.00 at least.
Trading recommendations:
Remain long, add further at current levels, stop at $18.50, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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