Silver opened the week in the green. We expect the price to rally through the level of $14.50, which is initial interim resistance. Once the price pasts $14.50, it is safe to assume that an interim low has been formed around $14.20 and that the metal could perform a counter-trend rally. It is hence recommended to remain long from earlier positions, with risk at $14.00. Immediate support is seen at the levels of $14.00, while resistance is seen at $14.50/60 and higher respectively. Trend-line resistance is seen at $15.00 as depicted here.
Trading recommendations:
Remain long with stop at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver opened the week in the green. We expect the price to rally through the level of $14.50, which is initial interim resistance. Once the price pasts $14.50, it is safe to assume that an interim low has been formed around $14.20 and that the metal could perform a counter-trend rally. It is hence recommended to remain long from earlier positions, with risk at $14.00. Immediate support is seen at the levels of $14.00, while resistance is seen at $14.50/60 and higher respectively. Trend-line resistance is seen at $15.00 as depicted here.
Trading recommendations:
Remain long with stop at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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