1. Silver rallies and produces a bullish morning star reversal candlestick as see here. The metal is poised to rally at least to $19.90/$20.00 levels before pulling back. Recommendations are to remain flat for now OR hold on to aggressive long position taken last week.
2. Support is at sub $18.90 levels, followed by $18.70/75, $18.00, while resistance is at $19.90/$20.00, followed by $20.40/50, $21.70/80, and higher respectively.
3. The structure indicates that Silver bulls would want to take out $19.90/$20.00 levels for now before any meaningful pullback can take place.
Trading recommendations:
Remain flat OR hold on to aggressive long positions taken earlier, stop is at break even, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver rallies and produces a bullish morning star reversal candlestick as see here. The metal is poised to rally at least to $19.90/$20.00 levels before pulling back. Recommendations are to remain flat for now OR hold on to aggressive long position taken last week.
2. Support is at sub $18.90 levels, followed by $18.70/75, $18.00, while resistance is at $19.90/$20.00, followed by $20.40/50, $21.70/80, and higher respectively.
3. The structure indicates that Silver bulls would want to take out $19.90/$20.00 levels for now before any meaningful pullback can take place.
Trading recommendations:
Remain flat OR hold on to aggressive long positions taken earlier, stop is at break even, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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