Silver takes out resistance at 23.10. Book profits on long positions
August 16, 2013 12:15 pm
Technical outlook and chart setups:
The metal advanced higher than the resistance at 22.50/23.00 levels in last trading session. At the moment, it is recommended to book profits and remain flat. At least, a meaningful correction could be underway towards 20.00 levels, which is the past resistance turned to support. The major resistance is now at 24.85/25.00 levels; while support is the way below at 19.20 (intermediary supports are 21.20 and 21.70). Silver looks good to buy on dips from here. 21.00 would be next level to long on a bullish reversal.
Trading recommendations:
Book profits on long positions. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal advanced higher than the resistance at 22.50/23.00 levels in last trading session. At the moment, it is recommended to book profits and remain flat. At least, a meaningful correction could be underway towards 20.00 levels, which is the past resistance turned to support. The major resistance is now at 24.85/25.00 levels; while support is the way below at 19.20 (intermediary supports are 21.20 and 21.70). Silver looks good to buy on dips from here. 21.00 would be next level to long on a bullish reversal.
Trading recommendations:
Book profits on long positions. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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