1. Silver is ready to resume rally any moment now. Currently trading just below $20.00 levels, Silver is expected to move towards $23.00 and $25.00 levels. It is recommended to remain long for now, and also add further at current levels.
2. Immediate resistance is at $21.70/$22.30 levels, followed by $23.00 and higher up, while supports are spread through $19.00, $18.75 and lower respectively.
3. The structure indicates that Silver should continue printing higher highs and higher lows from here on. The counter trend line resistance is at $21.40 at the moment and a push through it should be very encouraging for bulls.
Trading recommendations:
Remain long for now, place stop at $19.25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver is ready to resume rally any moment now. Currently trading just below $20.00 levels, Silver is expected to move towards $23.00 and $25.00 levels. It is recommended to remain long for now, and also add further at current levels.
2. Immediate resistance is at $21.70/$22.30 levels, followed by $23.00 and higher up, while supports are spread through $19.00, $18.75 and lower respectively.
3. The structure indicates that Silver should continue printing higher highs and higher lows from here on. The counter trend line resistance is at $21.40 at the moment and a push through it should be very encouraging for bulls.
Trading recommendations:
Remain long for now, place stop at $19.25, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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