Silver targets mid 17.00 levels. Sell rallies towards 19.65
December 4, 2013 10:15 am
Technical outlook and chart setups:
The metal is following a down channel line, after breaking high off the 18.00 levels earlier. Immediate resistance is at 20.00/50, followed by 23.00 and 25.00 levels on the daily chart view depicted here; while supports is fixed at sub 18.00 levels. The recommended trading strategy should be to sell on rallies through 19.60 levels. The minimum expected extension level is around 17.60/65. This could probably be the last down leg of correction that begun from 49.00 levels. A more conservative trading approach would be to remain flat for now and buy the bottom.
Trading recommendations:
Remain flat or sell rallies, stop at 20.75.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is following a down channel line, after breaking high off the 18.00 levels earlier. Immediate resistance is at 20.00/50, followed by 23.00 and 25.00 levels on the daily chart view depicted here; while supports is fixed at sub 18.00 levels. The recommended trading strategy should be to sell on rallies through 19.60 levels. The minimum expected extension level is around 17.60/65. This could probably be the last down leg of correction that begun from 49.00 levels. A more conservative trading approach would be to remain flat for now and buy the bottom.
Trading recommendations:
Remain flat or sell rallies, stop at 20.75.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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