Technical outlook and chart setups:
As seen on the 4H chart view here, Silver maintains range bound trading session for yet another day. The lower range is around 28.40/50 defined as support boundary and the upper range is around 29.00/10 defined as resistance boundary. As the trading range gets narrower since last few sessions, probability of powerful breakouts increases. 28.00 level should provide strong support now, while 29.50 and 30.30 are immediate resistance levels waiting to be taken out by thrust breakout. Believe it or not, technical indicators (MACD and RSI) on daily charts are showing bullish tendencies. Hence it remains highly recommended to stay long on positions taken earlier and wait for bullish breakout. 31.00 level is in sight now.
Trading recommendations:
Remain long, stop is at 27.00, target 1 is at 30.50, target 2 is at 31.30, and target 3 is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Silver approached the upper boundary of range near 29.00. Clear breakout awaited . Thanks for your support on Silver approached the upper boundary of range near 29.00. Clear breakout awaited
No comments:
Post a Comment