Technical outlook and chart setups:
The metal has breached through the resistance line now, around 20.25/30 levels. Hence, it is recommended to initiate short positions against 21.00. Immediate resistance is at 20.70/75, followed by 22.50/23.00; while support is around 18.70, followed by 18.25 levels. The wave structure indicates that a dip down ward movement towards 18.70/50 levels is possible before next leg higher up. The entire structure may be turning as a 3 wave pullback for now. Looking lower at least for the short-term prospect.
Trading recommendations:
Remain short, set stop at 21.00, target is at 18.50.
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 tests backside of resistance line. Initiate short positions against 21.00 now . Thanks for your support on Silver tests backside of resistance line. Initiate short positions against 21.00 now
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