Technical outlook and trade setups:
1. Silver is seen to be producing a morning star buy signal just ahead of the rising trend line support at $19.50 for now. This is indicative of a possible bullish reversal for the metal. It is recommended to remain long and also add fresh long positions at current price of $19.80/81.
2. The immediate support is at $19.00 levels, followed by $18.75 and lower, while resistance is at $21.70/80, followed by $22.30 and $23.00 respectively.
3. The wave structure indicated that Silver might be resuming its next bull run, having possibly bottomed out ahead of $19.50 levels yesterday.
Trading recommendations:
Remain long and also look to add now, stop is at $19.25, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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