Technical analysis of Silver for January 20, 2014.
January 21, 2014 6:15 am
Technical outlook and chart setups:
1. The metal is virtually unchanged from yesterday at $20.20 at the moment. It is expected to fall lower, and it is recommended to buy on dips from here on. Minimum expectations are the $19.40/19.00 region.
2. Immediate resistance at $20.50 has been taken off, higher one is at sub $21.00 level, while support is spread through $19.40/50, followed by $19.00, and $18.75 respectively.
3. Structure reveals that a dip is expected towards at least $19.40/19.00 levels before the next leg of rally resumes.
Trading recommendations:
Look to buy again on a dip towards $19.00/40 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The metal is virtually unchanged from yesterday at $20.20 at the moment. It is expected to fall lower, and it is recommended to buy on dips from here on. Minimum expectations are the $19.40/19.00 region.
2. Immediate resistance at $20.50 has been taken off, higher one is at sub $21.00 level, while support is spread through $19.40/50, followed by $19.00, and $18.75 respectively.
3. Structure reveals that a dip is expected towards at least $19.40/19.00 levels before the next leg of rally resumes.
Trading recommendations:
Look to buy again on a dip towards $19.00/40 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: