Technical analysis of Silver for January 16, 2014.
January 16, 2014 8:15 am
Technical outlook and chart setups:
1. Silver has taken out the $20.50 resistance, as expected. It is recommended to hold on to long positions taken earlier and also add further on dips.
2. Immediate resistance is at $21.00, followed by $22.00, while support is at $19.40/50, followed by $19.00/10 and $18.75 respectively.
3. The structure reveals that Silver should be heading towards $23.20/30 and $21.70/80, after a possible pullback. It is quite possible that a meaningful higher bottom is in place at $18.70/75.
Trading recommendations:
Hold on to long positions, stop at $18.60, target is at $21.70.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver has taken out the $20.50 resistance, as expected. It is recommended to hold on to long positions taken earlier and also add further on dips.
2. Immediate resistance is at $21.00, followed by $22.00, while support is at $19.40/50, followed by $19.00/10 and $18.75 respectively.
3. The structure reveals that Silver should be heading towards $23.20/30 and $21.70/80, after a possible pullback. It is quite possible that a meaningful higher bottom is in place at $18.70/75.
Trading recommendations:
Hold on to long positions, stop at $18.60, target is at $21.70.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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