Technical outlook and chart setups:
1. Silver has produced a morning star at our expected levels of $19.00, as seen here. It is recommended to hold long positions. For now. the risk remains at $18.50.
2. Immediate support is at $18.75, followed by $18.00, while resistance is at $20.50 (intermediary), followed by sub $21.00 and $22.00 respectively.
3. The structure reveals that a higher low might be in place at $19.00 level now. Implications are that prices could rally from here towards $22.00 and higher in the coming weeks. $18.75 should hold for now.
Trading recommendations:
Remain long, stop at $18.50, target 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 Technical analysis of Silver for February 04, 2014. . Thanks for your support on Technical analysis of Silver for February 04, 2014.
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