1. Silver has retraced as expected from sub $20.00 levels yesterday. The metal is bouncing off the backside of resistance turned support line as seen here around $19.20/25 levels. Furthermore, the fibonacci 0.618 support is passing around the same levels. Recommendations are to initiate long positions now, risk remains below $18.50 levels.
2. Support is at $18.90, followed by $18.75 and lower while resistance is at $19.90/20.00 levels, followed by $20.40, $21.70 and $22.30 respectively.
3. The structure indicates that Silver could stage an impressive rally from current levels till prices stay above $18.80/90 levels.
Trading recommendations:
Initiate long positions now, stop at $18.40, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver has retraced as expected from sub $20.00 levels yesterday. The metal is bouncing off the backside of resistance turned support line as seen here around $19.20/25 levels. Furthermore, the fibonacci 0.618 support is passing around the same levels. Recommendations are to initiate long positions now, risk remains below $18.50 levels.
2. Support is at $18.90, followed by $18.75 and lower while resistance is at $19.90/20.00 levels, followed by $20.40, $21.70 and $22.30 respectively.
3. The structure indicates that Silver could stage an impressive rally from current levels till prices stay above $18.80/90 levels.
Trading recommendations:
Initiate long positions now, stop at $18.40, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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