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Technical outlook and chart setups:
1. Silver is trading around $19.50/60 levels for now having formed lows at $18.90 last week. It needs to break $20.40 levels though before it can be confirmed that the metal has turned bullish. Recommendations are to remain flat for now.
2. Support is at $18.90, followed by $18.75, and $18.00 while resistance is at $20.40, $21.70, $22.30, and higher respectively.
3. The structure indicates that Silver remains cautiously bullish for now. A break of $20.40 would confirm the reversal.
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 29, 2014
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