Immediate resistance for silver is 20.30/50. Remain flat for now
December 6, 2013 9:30 am
Technical outlook and chart setups:
The metal is trading between 19.00 and 19.80 levels for now. It shall face stiff resistance at 20.30/50 levels, and would need to clear that for any further upside. It is recommended to remain flat for now and await further clarification. Immediate resistance is the 20.50 area, followed by 22.00, 23 and 25.00; while support is fixed at sub 18.00 levels respectively. As seen here, the channel line is providing enough resistance to the metal and the next region would be 21.00 levels, which was past support and act as resistance now. We would like to initiate short positions around 21.00 levels on a bearish signal appearance.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is trading between 19.00 and 19.80 levels for now. It shall face stiff resistance at 20.30/50 levels, and would need to clear that for any further upside. It is recommended to remain flat for now and await further clarification. Immediate resistance is the 20.50 area, followed by 22.00, 23 and 25.00; while support is fixed at sub 18.00 levels respectively. As seen here, the channel line is providing enough resistance to the metal and the next region would be 21.00 levels, which was past support and act as resistance now. We would like to initiate short positions around 21.00 levels on a bearish signal appearance.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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