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Technical outlook and chart setups:
1. Silver is testing line of resistance at 19.60/70 levels at the moment. Bulls need to clear 20.40 at least to remain in control. A turn from current levels could possibly print fresh lows. Recommendations are to remain flat for now.
2. Support is at $18.75, followed by $18.00 while resistance is at $20.40, followed by $21.70/80, $22.30 and higher respectively.
3. The structure indicates that Silver could turn bullish again if $20.40 levels break down. It would be safe to buy on dips after that.
Trading recommendations:
Remain flat for now.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Silver for April 28, 2014
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