Silver is retracing for now and initial support is seen at the $15.20/30 levels. As depicted here, the metal remains poised to push higher towards at least the $16.30/40 levels before a meaningful retracement takes place. It is hence recommended to remain long for now and also look to add further on dips to the $15.30 levels from here on. Immediate support is seen at the $15.30 levels (Fibonacci 0.382) followed by $15.00, $14.40 and lower, while resistance is seen at the $16.40 levels followed by $17.40/50 and higher.
Trading recommendations:
Remain long for now, stop is at $14.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is retracing for now and initial support is seen at the $15.20/30 levels. As depicted here, the metal remains poised to push higher towards at least the $16.30/40 levels before a meaningful retracement takes place. It is hence recommended to remain long for now and also look to add further on dips to the $15.30 levels from here on. Immediate support is seen at the $15.30 levels (Fibonacci 0.382) followed by $15.00, $14.40 and lower, while resistance is seen at the $16.40 levels followed by $17.40/50 and higher.
Trading recommendations:
Remain long for now, stop is at $14.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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