Technical outlook and chart setups:
1. Silver prints lows just below the $19.00 levels and pulls back sharply as seen here. The metal has also produced an engulfing bullish candlestick signal, indicating a bullish reversal ahead. Recommendations are to still buy on dips, risk remains at $18.40.
2. Support is at $18.75, followed by $18.00 levels, while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could dip towards $19.30 levels first before continuing to rally further up. Buying on dips is favored still.
Trading recommendations:
Initiate 50% long positions now and the remaining at $19.30, stop is at $18.40, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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