Technical analysis of Silver for January 24, 2014.
January 24, 2014 5:15 am
Technical outlook and chart setups:
1. Gold rallied towards resistance at $1,267.00 yesterday. This surprising move also tested the dropping trend line resistance. It is still recommended to remain flat and watch for a reaction here.
2. Immediate resistance is still at $1,267.00/70, while supports are spread through $1,230.00/32.00, $1,220.00/10.00, and $1,184.00 respectively.
3. Structure reveals that once $1,267.00/70.00 resistance is taken out, a major correction should be expected towards $1,210.00/15.00; before the next rally materializes.
Trading recommendations:
Remain flat again, look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold rallied towards resistance at $1,267.00 yesterday. This surprising move also tested the dropping trend line resistance. It is still recommended to remain flat and watch for a reaction here.
2. Immediate resistance is still at $1,267.00/70, while supports are spread through $1,230.00/32.00, $1,220.00/10.00, and $1,184.00 respectively.
3. Structure reveals that once $1,267.00/70.00 resistance is taken out, a major correction should be expected towards $1,210.00/15.00; before the next rally materializes.
Trading recommendations:
Remain flat again, look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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