Technical outlook and chart setups:
1. Silver bounces off the $20.13 lows created yesterday. As seen here,it is the 0,618 fibonacci retracement level of the rally between $19.00 and $22.30. Recommendations are to initiate atleast 50% at current market ($20.50). Risk remains below $19.25 for now.
2. Immediate support is at $20.00, followed by $19.00, $18.70 and lower, while resistance is at $22.30 (intermediary), followed by $23.00, $23.50 and higher respectively.
3. The structure reveals that a higher low might have formed at $20.13 yesterday. If this holds true, Silver should see higher highs from here on.
Trading recommendations:
Initiate atleast 50% long positions now, set 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 March 21, 2014. . Thanks for your support on Technical analysis of Silver for March 21, 2014.
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