1. Silver is trading too close to our expected/discussed levels of $20.00. Probability remains high for a bottom formation here, also please note that the past resistance turned support region is also coinciding for now. A bullish reversal here, should be bought. Recommendations are to hold earlier long positions and add further around $20.00 levels.
2. Immediate resistance interim is at $21.70/80, followed by $22.20/30, while supports are at $20.00, followed by $19.00 and lower respectively.
3. The entire structure reveals that Silver remains buy on dips for now. Watch out for a bottom formation between $20.00 and $19.50 here.
Trading recommendations:
Remain long and add further around $20.00, set stop at $19.20/25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver is trading too close to our expected/discussed levels of $20.00. Probability remains high for a bottom formation here, also please note that the past resistance turned support region is also coinciding for now. A bullish reversal here, should be bought. Recommendations are to hold earlier long positions and add further around $20.00 levels.
2. Immediate resistance interim is at $21.70/80, followed by $22.20/30, while supports are at $20.00, followed by $19.00 and lower respectively.
3. The entire structure reveals that Silver remains buy on dips for now. Watch out for a bottom formation between $20.00 and $19.50 here.
Trading recommendations:
Remain long and add further around $20.00, set stop at $19.20/25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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