1. Silver also attempts a rally towards $22.00 levels; this can still be considered as a pullback/retracement of the earlier fall from $22.20/30 highs. It is recommended to continue holding short positions, risk remains at $22.50.
2. Immediate resistance is seen at $23.00 levels, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively.
3. The structure indicates that Silver would remain under pressure till prices are below the $22.20 mark. Minimum levels of interest to initiate long positions are $20.50 and $20.00.
Trading recommendations:
Remain short for now, stop is at $22.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver also attempts a rally towards $22.00 levels; this can still be considered as a pullback/retracement of the earlier fall from $22.20/30 highs. It is recommended to continue holding short positions, risk remains at $22.50.
2. Immediate resistance is seen at $23.00 levels, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively.
3. The structure indicates that Silver would remain under pressure till prices are below the $22.20 mark. Minimum levels of interest to initiate long positions are $20.50 and $20.00.
Trading recommendations:
Remain short for now, stop is at $22.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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