Silver has reached a higher low around the level of $15.80 and is looking for an opportunity to move higher towards at least $16.40/50. Please note that the metal is bouncing off the wedge support around $15.80 indicating a bullish bounce from current levels. The metal might have already reversed as prices stay above the levels of $14.00. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at $15.50 followed by $15.00, $14.00, and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.
Trading recommendations:
Remain long, stop is set at $14.00, a target is open. Long-term setups.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver has reached a higher low around the level of $15.80 and is looking for an opportunity to move higher towards at least $16.40/50. Please note that the metal is bouncing off the wedge support around $15.80 indicating a bullish bounce from current levels. The metal might have already reversed as prices stay above the levels of $14.00. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at $15.50 followed by $15.00, $14.00, and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.
Trading recommendations:
Remain long, stop is set at $14.00, a target is open. Long-term setups.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: