Technical analysis of Silver for January 13, 2014.
January 13, 2014 6:15 am
Technical outlook and chart setups:
1. The metal has rallied from sub $19.00 levels as expected last week. It is recommended to remain long at the moment since further rally could be expected after a correction. Risk remains at the $18.50/60 levels.
2. Immediate resistance is at $20.50, while support is spread through $19.20/30 (intermediary), followed by $18.70/75, and $18.00 respectively.
3. The structure reveals that Silver might have formed a higher bottom at $18.70/75. A corrective fall remains possible though, but intermediary support at $18.70 should hold.
Trading recommendations:
Hold on to long positions, stop at $18.50/60, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The metal has rallied from sub $19.00 levels as expected last week. It is recommended to remain long at the moment since further rally could be expected after a correction. Risk remains at the $18.50/60 levels.
2. Immediate resistance is at $20.50, while support is spread through $19.20/30 (intermediary), followed by $18.70/75, and $18.00 respectively.
3. The structure reveals that Silver might have formed a higher bottom at $18.70/75. A corrective fall remains possible though, but intermediary support at $18.70 should hold.
Trading recommendations:
Hold on to long positions, stop at $18.50/60, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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