1. Silver might have formed an intermediary top at $22.30. Minimum implications are for a pullback towards $20.50/20.00 levels and then resumption of rally. It is recommended to initiate/remain short for now, risk remains at $22.75.
2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50 (past resistance turned support), followed by $20.00 and $19.00 respectively.
3. The structure reveals that a meaningful retracement is due towards at least $20.50/20.00 levels before the bulls are back in control.
Trading recommendations:
Remain short, stop is at $20.75, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver might have formed an intermediary top at $22.30. Minimum implications are for a pullback towards $20.50/20.00 levels and then resumption of rally. It is recommended to initiate/remain short for now, risk remains at $22.75.
2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50 (past resistance turned support), followed by $20.00 and $19.00 respectively.
3. The structure reveals that a meaningful retracement is due towards at least $20.50/20.00 levels before the bulls are back in control.
Trading recommendations:
Remain short, stop is at $20.75, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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