1. Silver stands at 0.382 fibonacci support level at the moment. A push lower would expose $20.00/50 levels which is of more interest to go long. Remain short for now but reduce risk to break even levels.
2. Immediate resistance is at $23.00 followed by $23.50 and higher up, while supports are spread through $20.50 followed by $20.00, 19.00 and lower, respectively.
3. The structure indicates that Silver should continue drifting lower till around $20.00/50 levels. Please note that this region is also past resistance turned support and hence of more interest for a dip and reversal.
Trading recommendations:
Remain short for now, move stop to break even, target 20.50.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver stands at 0.382 fibonacci support level at the moment. A push lower would expose $20.00/50 levels which is of more interest to go long. Remain short for now but reduce risk to break even levels.
2. Immediate resistance is at $23.00 followed by $23.50 and higher up, while supports are spread through $20.50 followed by $20.00, 19.00 and lower, respectively.
3. The structure indicates that Silver should continue drifting lower till around $20.00/50 levels. Please note that this region is also past resistance turned support and hence of more interest for a dip and reversal.
Trading recommendations:
Remain short for now, move stop to break even, target 20.50.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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