Silver: Move seems to be Corrective till now. Book profits (24.40/45) Trend News

Technical outlook and chart setups:

Silver rally is in 3 waves for now and it is corrective in nature. The support region is around 23.50 (trendline is passing through) and immediate resistance is at 26.00/50 levels (past support turned resistance). The wave structure is unfolding at the moment, it warrants a dip towards 23.50 level first and then a possible rally, if the support line remains intact. Hence it is recommended to book profits in the metal now around 24.40/50 region, leaving space to further go long on dips lower. On the other hand, if the rally continues from current levels, please note to watch for 26.00/50 region to initiate fresh short positions. Higher up resistance is at 28.00 and 28.50/60 according to the chart view presented here; while intermediary support is at 24.00, followed by 22.00 and lower.

Trading recommendations:

Book profits for now, look to buy again on dips towards 23.40 level or sell on rally towards 26.00/50 levels.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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