Technical outlook and chart setups:
Silver remains unchanged from what was discussed yesterday. Having bounced off from the 0.618 Fibonacci support last week, the metal looks to be poised to extend rally into the sub 24.00 zone, before deciding the next big move ahead. Intermediary resistance remains at sub 25.00 level, while support is at 21.00/20 levels, followed by 119.00 respectively. It is recommended to remain long for now, with risk just below 21.00 level. A wave 3 rally is anticipated to run into 24.30/50 region before running down towards the larger trend, which is down.
Trading recommendations:
Remain long, add further, stop is below 21.00, and target is at 24.00/30.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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