Silver turns lower from resistance. 19.20 next support lower
July 29, 2013 9:21 am
Technical outlook and chart setups:
The metal remains subdued below 20.50 region and the immediate line of support is being tested again below 20.00. If short positions have been initiated earlier, it is recommended to hold or stay flat. Silver is lagging behind Gold on the higher side, and overall chart setups indicate that the corrective phase might be over. A trend line break down here, should be sold against 20.50 for sure. Next higher up resistance is seen at 22.50 while support is at 19.20 level respectively.
Trading recommendations:
Flat for now. Aggressive traders may remain short against 20.50/60.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal remains subdued below 20.50 region and the immediate line of support is being tested again below 20.00. If short positions have been initiated earlier, it is recommended to hold or stay flat. Silver is lagging behind Gold on the higher side, and overall chart setups indicate that the corrective phase might be over. A trend line break down here, should be sold against 20.50 for sure. Next higher up resistance is seen at 22.50 while support is at 19.20 level respectively.
Trading recommendations:
Flat for now. Aggressive traders may remain short against 20.50/60.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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