The wave structure for Silver here is pretty similar to Gold. The rally from sub 18.00 levels to sub 20.00 levels has been retraced around 0.618 levels at the moment. A bullish reversal is expected here; and hence recommendations are to go long around 19.00 region. Immediate resistance is at 20.30 levels, followed by 23.20 and higher up; while support is at 18.00 levels for now. Possible extensions are seen at 21.20 and 23.10/20 respectively. A larger bottom formation could be in place at 18.00 levels and the metal could possible reverse trends from here on. Looking higher from here.
Trade recommendations:
Long now, stop loss at 17.50, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The wave structure for Silver here is pretty similar to Gold. The rally from sub 18.00 levels to sub 20.00 levels has been retraced around 0.618 levels at the moment. A bullish reversal is expected here; and hence recommendations are to go long around 19.00 region. Immediate resistance is at 20.30 levels, followed by 23.20 and higher up; while support is at 18.00 levels for now. Possible extensions are seen at 21.20 and 23.10/20 respectively. A larger bottom formation could be in place at 18.00 levels and the metal could possible reverse trends from here on. Looking higher from here.
Trade recommendations:
Long now, stop loss at 17.50, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
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