Silver seem to be looking for an opportunity to hit its high around the levels of $16.30/37 before producing a meaningful retracement lower. As seen here, the RSI on the H4 chart shows divergence indicating a potential change in a direction. A drop below the level of $15.90 (wedge support) would accelerate the fall. It is hence recommended to remain flat now and buy after retracement to lower levels. Immediate support is seen at $15.40/60 followed by $15.00 and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.
Trading recommendations:
Remain flat and buy at lower levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver seem to be looking for an opportunity to hit its high around the levels of $16.30/37 before producing a meaningful retracement lower. As seen here, the RSI on the H4 chart shows divergence indicating a potential change in a direction. A drop below the level of $15.90 (wedge support) would accelerate the fall. It is hence recommended to remain flat now and buy after retracement to lower levels. Immediate support is seen at $15.40/60 followed by $15.00 and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.
Trading recommendations:
Remain flat and buy at lower levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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