Technical outlook and chart setups:
1. The 8H chart view for Silver indicates that there is no change in the structure of price range for now. At this moment of writing, Silver trades at $19.70/72 levels; and is expected to stage rally. Also please note that the trend line support remains intact for now.
2. Supports are spread through $19.00 levels, followed by $18.75 and lower, while resistance is at $21.70/80/$22.30/40 (intermediary), followed by $23.00 and higher up respectively.
3. The structure indicates that bulls remain in control above $19.00 levels for now. Silver should probably rise towards $23.00 and higher levels for now.
Trading recommendations:
Remain long for now and also look to add fresh positions, place stop at $19.25, 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 Technical analysis of Silver for April 01, 2014. . Thanks for your support on Technical analysis of Silver for April 01, 2014.
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