Technical outlook and chart setups:
1. Silver has taken out the $20.50 resistance last week. At the moment, it is recommended to book profits on long positions taken earlier and to wait for a dip to re-enter buying.
2. Resistance is at $20.50, while support is at $19.40/50, followed by $18.75 and lower respectively.
3. Structure reveals that Silver could retrace lower towards the $19.40/50 levels before rallying further. Also the backside of the downtrend line is passing through the same level, which is support now.
Trading recommendations:
Look to buy around the $19.40/50 region.
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 20, 2014. . Thanks for your support on Technical analysis of Silver for January 20, 2014.
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