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Technical outlook and chart setups:
1. Silver has broken down the channel line support as seen here and traded around $19.00 levels yesterday. A continued break below $18.90 and subsequently $18.75 could prove extremely bearish for the metal and it could continue drifting lower.
2. Support is seen at $18.90, followed by $18.75, $18.50/60 and lower, while resistance is seen at $19.90, followed by $20.40, $21.70 and higher respectively.
3. The structure indicates that Silver could possibly rally till prices stay above $18.90 levels and subsequently $18.75.
Trading recommendations:
Remain long, stop below $18.50, target is open.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Silver for May 28, 2014
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