1. Looking into the bigger picture, Silver seems to have formed a higher low at $18.75 on December 31, 2013. The earlier low was at sub $18.00 levels. The recent fall from sub $22.00 to till date can be seen as a correction of the upswing from $18.75 to $22.30. Prices should remain above $19.00 levels for the bulls to remain in control. Stay long for now, risk is $19.00.
2. Immediate support is at $19.00, followed by $18.75, while resistance is at $21.70/80, followed by $22.00 and $23.00 respectively.
3. The structure reveals that the trend line support should hold for now around $19.50 region. A failure there should be discouraging for the bulls indeed.
Trading recommendations:
Stay long for now, stop at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Looking into the bigger picture, Silver seems to have formed a higher low at $18.75 on December 31, 2013. The earlier low was at sub $18.00 levels. The recent fall from sub $22.00 to till date can be seen as a correction of the upswing from $18.75 to $22.30. Prices should remain above $19.00 levels for the bulls to remain in control. Stay long for now, risk is $19.00.
2. Immediate support is at $19.00, followed by $18.75, while resistance is at $21.70/80, followed by $22.00 and $23.00 respectively.
3. The structure reveals that the trend line support should hold for now around $19.50 region. A failure there should be discouraging for the bulls indeed.
Trading recommendations:
Stay long for now, stop at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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