Silver Conter Trend Expected To Resume Soon. Remain Short
September 2, 2013 8:45 am
Technical Outlook and Chart Setups:
Similar to Gold, the white metal is pulling back at the moment only to find resistance ahead of 25.00 levels. It is recommended to remain short on earlier positions for now and also add after pullback ends. Immediate resistance is around the 25.00 region while support is around 22.50 for now. Looking into fibonacci convergence, 21.50 region remains of importance for the next bullish bounce. The current pullback is expected to reverse around 24.50/75 region. The counter trend should also end around 21/21.50 region before the trend resumes.
Trade Recommendations:
Remain short for now, stop at 25.50.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook and Chart Setups:
Similar to Gold, the white metal is pulling back at the moment only to find resistance ahead of 25.00 levels. It is recommended to remain short on earlier positions for now and also add after pullback ends. Immediate resistance is around the 25.00 region while support is around 22.50 for now. Looking into fibonacci convergence, 21.50 region remains of importance for the next bullish bounce. The current pullback is expected to reverse around 24.50/75 region. The counter trend should also end around 21/21.50 region before the trend resumes.
Trade Recommendations:
Remain short for now, stop at 25.50.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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