Silver still remains in the Buy Zone of the rising trendline. 22.13 is resistance Trend News

Technical outlook and chart setups:

The metal has bounced off just ahead of the rising trendline as depicted here. A break of the 22.10/20 levels would instill confidence to bulls for an extended rally. Long positions, taken earlier, can be held with stop below the 20.00 levels. Resistance is at 22.10/20, followed by 22.40/50, 24.50 and higher; while support is seen at the 19.50 levels respectively. A break of rising trendline would prove quite bearish and can fall towards fresh lows as well. Looking to hold long positions above 20.00 for now.

Trading recommendations:

Hold long positions, stop below 20.00.

Good luck!

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



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