As depicted here on the 4H chart view, a double bottom is still unfolding in Silver prices. After producing a morning star reversal signal yesterday, it seems prices are once again testing the lows/support at 28.00 before reversing. Please note that structure still remains favorable for bulls; till 28.00 level is held. Higher up resistances are now at 29.20, 29.50, 30.20/30, 31.25, and above 32.00 respectively. As seen here, the sloping downtrend line is passing across 30.50 level for now, which would be our immediate upside target. A break of 29.20/30 level is required to confirm the above scenario. It is recommended to stay long for now and add further if possible, as close to 28.00-27.80.
Trading recommendations:
Remain long, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
As depicted here on the 4H chart view, a double bottom is still unfolding in Silver prices. After producing a morning star reversal signal yesterday, it seems prices are once again testing the lows/support at 28.00 before reversing. Please note that structure still remains favorable for bulls; till 28.00 level is held. Higher up resistances are now at 29.20, 29.50, 30.20/30, 31.25, and above 32.00 respectively. As seen here, the sloping downtrend line is passing across 30.50 level for now, which would be our immediate upside target. A break of 29.20/30 level is required to confirm the above scenario. It is recommended to stay long for now and add further if possible, as close to 28.00-27.80.
Trading recommendations:
Remain long, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
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