Technical outlook and chart settings:
The currency pair had bounced off the trend line support around 23.30 levels yesterday. At the moment, the rally from yesterdays' lows is likely to be a retracement/correction and Silver can fall back to 23.00 levels before rallying back. A conservative trading approach would be to book partial profits at current levels (24.00), and hold on to remaining long positions giving room for buying lower. Resistance is strong at 26.00/50 levels, this region being past support turned resistance level, followed by 28.00/10, 29.10/20; while support is at 23.00 which is 0.618 fibonacci support level of the rally from 22.00 to 24.85, followed by 22.00, 21.45 and lower. Buying on dips is the recommended trade strategy for now.
Trade recommendations:
Book partial profits on long positions, buy further on dips towards 23.00, stop at 22.00, target 25.00 and 26.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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