The setup and possibilities for silver remain similar to those for gold. Immediate resistance is at 20.50/60 levels, while immediate support is at 19.00 levels as for now. It is recommended to remain flat for now since there is an equal probability that the metal can follow both downtrend and uptrend. Breaking higher than 20.50, silver would see 21.50 and 22.00 levels; while breaking below 19.00, the metal would see 17.50 levels on the downside. The overall structure still remain in a downtrend till the prices remain below 23.00 levels. Please also note that the metal has already turned to support level near 19.50/19.00 levels, thus, do not be surprised if fresh lows are not formed here.
Trading Recommendations:
Flat for now.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The setup and possibilities for silver remain similar to those for gold. Immediate resistance is at 20.50/60 levels, while immediate support is at 19.00 levels as for now. It is recommended to remain flat for now since there is an equal probability that the metal can follow both downtrend and uptrend. Breaking higher than 20.50, silver would see 21.50 and 22.00 levels; while breaking below 19.00, the metal would see 17.50 levels on the downside. The overall structure still remain in a downtrend till the prices remain below 23.00 levels. Please also note that the metal has already turned to support level near 19.50/19.00 levels, thus, do not be surprised if fresh lows are not formed here.
Trading Recommendations:
Flat for now.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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