Silver is attempting a bounce back just ahead of 22.00 level for now. It is recommended to book full profits on short positions taken earlier and await for a clear bounce (to go long) or a break down (for aggressive short), to re-enter. Immediate resistance for silver is seen at 23.80 level, while support is just at sub 22.00 levels. A bounce here would see the metal rallying towards 25.00/26.00 levels, which was past support turned resistance now. While a break below 22.00 would see lower levels towards 21.45 at least. Bottom line: Remain flat for now.
Trading recommendations:
Book full profits on short positions taken. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is attempting a bounce back just ahead of 22.00 level for now. It is recommended to book full profits on short positions taken earlier and await for a clear bounce (to go long) or a break down (for aggressive short), to re-enter. Immediate resistance for silver is seen at 23.80 level, while support is just at sub 22.00 levels. A bounce here would see the metal rallying towards 25.00/26.00 levels, which was past support turned resistance now. While a break below 22.00 would see lower levels towards 21.45 at least. Bottom line: Remain flat for now.
Trading recommendations:
Book full profits on short positions taken. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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