1. Silver remains on track towards at least $20.50 and further towards $19.50 (please note that the rising trend line is passing around $19.50). It is recommended to hold short positions at the moment, risk remains at $22.50.
2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50, followed by $20.00 (fibonacci 0.618 support) and $19.00 respectively.
3. The structure indicates that Silver is heading lower towards $20.50 and $20.00 levels atleast. The maximum downside extensions are pointing towards $19.50 as seen here.
Trading recommendations:
Hold short positions, stop is at $22.50, target is at $20.50 and $20.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver remains on track towards at least $20.50 and further towards $19.50 (please note that the rising trend line is passing around $19.50). It is recommended to hold short positions at the moment, risk remains at $22.50.
2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50, followed by $20.00 (fibonacci 0.618 support) and $19.00 respectively.
3. The structure indicates that Silver is heading lower towards $20.50 and $20.00 levels atleast. The maximum downside extensions are pointing towards $19.50 as seen here.
Trading recommendations:
Hold short positions, stop is at $22.50, target is at $20.50 and $20.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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