Silver within sideways territory of 22.00- 23.00. Awaiting breakout
June 5, 2013 2:00 pm
Technical outlook and chart setups:
There is no change from several trading days. It remains locked within the support-resistance boundary at 22.00-23.00 respectively. The trading game of support (buy) and resistance (sell) could be played out well here. It is recommended to remain long on positions taken earlier, but fresh long positions could be taken above 23.00 or around 21.20/40, on a retracement lower. The overall structure depicts that a possible low is formed at 20.00 region and the metal should be looking higher from there levels. Maximum retracement possible is around 20.70 a d 21.20/40. Buying on dips is recommended. Immediate resistance is 23.00 level and a break above that would raise through 24.00/25.00 levels easily.
Trading recommendations:
Remain long, stop is at 20.50, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
There is no change from several trading days. It remains locked within the support-resistance boundary at 22.00-23.00 respectively. The trading game of support (buy) and resistance (sell) could be played out well here. It is recommended to remain long on positions taken earlier, but fresh long positions could be taken above 23.00 or around 21.20/40, on a retracement lower. The overall structure depicts that a possible low is formed at 20.00 region and the metal should be looking higher from there levels. Maximum retracement possible is around 20.70 a d 21.20/40. Buying on dips is recommended. Immediate resistance is 23.00 level and a break above that would raise through 24.00/25.00 levels easily.
Trading recommendations:
Remain long, stop is at 20.50, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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