Technical outlook and chart setups:
1. Silver rallied back above the $20.00 level after printing lows at $18.70/80 levels last week. It is recommended to remain flat at the moment.
2. Immediate resistance is at $20.50 level followed by $21.50 (the fibonacci 0.618), $23.00 and higher, while support is at $18.70/80 followed by $18.00, respectively.
3. The structure reveals that a break of $20.50 and subsequently $21.00 would shift focus higher towards a possible trend reversal. Till $20.50 is intact, prices should move lower towards $17.50/60.
Trade recommendations:
Remain flat for now. Aggressive traders may go short with stop at $21.00.
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 Technical analysis of Silver for January 06, 2014 . Thanks for your support on Technical analysis of Silver for January 06, 2014
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