Silver: Structure remains locked in consolidation between 22.00 – 23.00.
June 4, 2013 11:45 am
Technical outlook and chart setups:
Silver is a classic example of sideways consolidation and the game of support-resistance. Support band is 22.00/10, while resistance range is 23.00/10 respectively since several trading sessions. The overall wave structure remains constructive for bulls, hence it is recommended to hold long positions and buy further on dips. For those who need to take fresh positions can enter long on a bullish break above 23.00 or a bearish break below 22.00 respectively. Support levels are spread through 21.20/40, 20.80 and 20.00 levels; while resistance is at 23.00, followed by 24.00/20 and higher up. A bullish break above 23.00 should be aggressively bought since it has got potential to rally straight through 25.00 levels in short time.
Trading recommendations;
Remain long, buy further on dips, stop is at 20.80, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver is a classic example of sideways consolidation and the game of support-resistance. Support band is 22.00/10, while resistance range is 23.00/10 respectively since several trading sessions. The overall wave structure remains constructive for bulls, hence it is recommended to hold long positions and buy further on dips. For those who need to take fresh positions can enter long on a bullish break above 23.00 or a bearish break below 22.00 respectively. Support levels are spread through 21.20/40, 20.80 and 20.00 levels; while resistance is at 23.00, followed by 24.00/20 and higher up. A bullish break above 23.00 should be aggressively bought since it has got potential to rally straight through 25.00 levels in short time.
Trading recommendations;
Remain long, buy further on dips, stop is at 20.80, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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