Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.
Trading recommendations:
Hold long positions, stop is at 20.50, and target is at 25.00/26.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.
Trading recommendations:
Hold long positions, stop is at 20.50, and target is at 25.00/26.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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