Silver bounces off 20.00. Watch out for bullish reversal soon
May 20, 2013 11:15 am
Technical outlook and chart setups:
Silver prints fresh lows around 20.00 before bouncing back strongly. Please note that 20.00/21.00 levels are past resistance turned support level on the weekly chart as discussed earlier. Hence a possibility of a bullish reversal remains high around current levels. It is recommended to wait for a bullish reversal here before going long again. As shown here, the Fibonacci levels extend till 19.50 level before the metal reverses for good. Immediate resistance is at 22.80, followed by 23.80, and 24.80 respectively. Intermediary support is between 19.50 and 20.00.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver prints fresh lows around 20.00 before bouncing back strongly. Please note that 20.00/21.00 levels are past resistance turned support level on the weekly chart as discussed earlier. Hence a possibility of a bullish reversal remains high around current levels. It is recommended to wait for a bullish reversal here before going long again. As shown here, the Fibonacci levels extend till 19.50 level before the metal reverses for good. Immediate resistance is at 22.80, followed by 23.80, and 24.80 respectively. Intermediary support is between 19.50 and 20.00.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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