Silver retraces for now. Immediate upside seen at 21.00
July 12, 2013 12:28 pm
Technical outlook and chart setups:
The metal is retracing for now as expected; but an upside extension should materialize towards 21.00 levels soon. It is recommended to remain long and add further on intraday dips. Immediate support is seen between 19.30 and 19.50 for a bullish bounce to materialize. Furthermore, the rising uptrend line also converges around the same levels along with past resistance turned support region. Major upside resistance is fixed at 22.50 levels, while support is at 18.70/80 levels followed by 18.20 respectively. Looking higher after short dip.
Trade recommendations:
Remain long, stop at 18.60/70, target 21.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is retracing for now as expected; but an upside extension should materialize towards 21.00 levels soon. It is recommended to remain long and add further on intraday dips. Immediate support is seen between 19.30 and 19.50 for a bullish bounce to materialize. Furthermore, the rising uptrend line also converges around the same levels along with past resistance turned support region. Major upside resistance is fixed at 22.50 levels, while support is at 18.70/80 levels followed by 18.20 respectively. Looking higher after short dip.
Trade recommendations:
Remain long, stop at 18.60/70, target 21.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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