Technical outlook and chart setups:
1. Silver might have formed a lower top at $21.70 or it would form at $22.00 level, before reversing lower towards $20.50/00. It is recommended to remain short and also look to sell rallies through $22.00 today. Risk remains at $22.50.
2. Immediate resistance is at $23.00, followed by $23.50 and higher up, while supports are spread through $20.50 (resistance turned support), followed by $20.00 and $19.00 levels respectively.
3 The structure reveals that bears should continue to remain in control, till prices are below $22.05/10. Levels of interest are the $20.50 and $20.00 for next long entries.
Trading recommendations:
Remain short, stop at $22.50, target at $20.50/00.
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 06, 2014. . Thanks for your support on Technical analysis of Silver for March 06, 2014.
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