Technical outlook and chart setups:
The metal is seen to be bouncing off the convergence of:
1. The rising support trendline.
2. The fibonacci 0.618 support of the entire rally from 18.00 to 25.00
3. The past resistance turned support area as well.
Looking into all above, it is now recommended to initiate long positions with a stop below the 19.00 levels. If there is not a fresh high, one can expect a meaning full pullback towards the 24.00 levels.
Trading recommendations:
Initiate long positions now, set stop at 19.00, target 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 bounces off the 0.618 Fibonacci Support . Thanks for your support on Silver bounces off the 0.618 Fibonacci Support
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