Silver testing line of support for now around 19.60/70
July 30, 2013 8:39 am
Technical outlook and chart setups:
Silver remains at a cross road, ahead of the next move. A bullish bounce at the line of support around 19.60/70 region would shift focus at 20.50 and 21.00, while a break could be in continuation towards the larger trend, which is down! In line with its counterpart Gold, the metal has failed to produce recent swing highs as well. Aggressive traders may opt to remain short against recent highs at 20.60 level. Immediate support is around the 19.30 region, while resistance is 20.50/21.00, followed by 22.50. Awaiting for next clear trade direction.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver remains at a cross road, ahead of the next move. A bullish bounce at the line of support around 19.60/70 region would shift focus at 20.50 and 21.00, while a break could be in continuation towards the larger trend, which is down! In line with its counterpart Gold, the metal has failed to produce recent swing highs as well. Aggressive traders may opt to remain short against recent highs at 20.60 level. Immediate support is around the 19.30 region, while resistance is 20.50/21.00, followed by 22.50. Awaiting for next clear trade direction.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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