Technical outlook and chart setups:
1. Silver has rallied back towards the counter trend line resistance at $21.30 levels. A break here would prove to be bullish for the counter and prices could start pushing through $23.00. It is recommended to exit short positions for now.
2. Immediate resistance is at $23.00, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively.
3. The structure reveals that prices may rally towards $23.00 if counter down trend line breaks. Though $20.00 levels remain as levels of interest to go long again.
Trading recommendations:
Exit short positions for now. Look to buy lower.
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 13, 2014. . Thanks for your support on Technical analysis of Silver for March 13, 2014.
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