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Technical outlook and chart setups:
1. Silver remains subdued within $19.30/50 levels for now. The metal needs to break above $20.40 to confirm a change in trend though. Recommendation for now is to remain flat for now and await further confirmation.
2. Support is at $18.90, followed by $18.00 levels while resistance is seen at $20.40, followed by $21.70, and higher respectively.
3. The structure indicated that Silver is mid way at the moment and needs to take out $20.40 levels at least to confirm that bulls are to remain in control. On the flip side a break below $18.90 would be extremely bearish and drag prices to $17.00/$16.00 levels.
Trading recommendations:
Remain flat for now OR 50% long with stop below $18.90, target is open (aggressive setup).
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Silver for April 30, 2014
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