The daily chart view depicted here suggests that 26.00 level remains key for the metal to continue bullish momentum further. After forming a bullish reversal signal on April 4, the metal has retraced to 0.50 Fibonacci support levels towards 27.30 today. This is another long opportunity offered and it is highly recommended to build fresh long positions from here on. The overall structure suggests that till prices remain above 26.00 level, a series of higher highs and higher lows would be formed for weeks to come. Immediate support is at 26.50/60 (the April 04 lows), while resistance is spread across 29.20/30 levels, followed by 32.30 and higher up. In order to negate any further bearish view, silver has to break 29.20/30 immediately. Bottom line: Look higher above 26.00.
Trading recommendations:
Hold on to long positions, stop is at 25.95, target is open for the long term.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The daily chart view depicted here suggests that 26.00 level remains key for the metal to continue bullish momentum further. After forming a bullish reversal signal on April 4, the metal has retraced to 0.50 Fibonacci support levels towards 27.30 today. This is another long opportunity offered and it is highly recommended to build fresh long positions from here on. The overall structure suggests that till prices remain above 26.00 level, a series of higher highs and higher lows would be formed for weeks to come. Immediate support is at 26.50/60 (the April 04 lows), while resistance is spread across 29.20/30 levels, followed by 32.30 and higher up. In order to negate any further bearish view, silver has to break 29.20/30 immediately. Bottom line: Look higher above 26.00.
Trading recommendations:
Hold on to long positions, stop is at 25.95, target is open for the long term.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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