Technical outlook and chart setups:
1. Silver remains structurally unchanged at the moment. The metal is trading above $20.00 levels after having tested lows and bouncing off the trend line support last week around $19.60 levels. It is recommended to remain long for now, risk remains at $19.00/25. Immediate upside target seems to be $21.70 and $22.30, before rallying further.
2. Support is seen at $19.50/60 (intermediary), followed by $19.00, $18.75 and lower, while resistance is seen at $21.70, followed by $22.20/30 and higher respectively.
3. The structure indicated that Silver is poised to rally till prices stay above $19.00 levels for now. A break of $21.00 (resistance line) should accelerate the move higher.
Trading recommendations:
Remain long for now, stop is at $19.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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