Silver looking to move towards 19.00 before rallying
August 6, 2013 9:45 am
Technical outlook and chart setups:
The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen at 18.70 and lower. After this intermediary down move, the metal could be expected to rally towards 23.00 level and complete a 3 wave corrective rally. Aggressive trading strategy would be to remain short for now.
Trading recommendations:
Remain short, stop is above 20.50, and target is at 19.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen at 18.70 and lower. After this intermediary down move, the metal could be expected to rally towards 23.00 level and complete a 3 wave corrective rally. Aggressive trading strategy would be to remain short for now.
Trading recommendations:
Remain short, stop is above 20.50, and target is at 19.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: