Technical outlook and chart setups:
Silver pushed further high to $18.00 levels today before pulling back. The metal has taken initial resistance already at $17.80 levels as discussed yesterday and hence a pullback can materialize. Hence it is recommended to book either full at least partial profits now ($17.80). Immediate support is seen at $16.75 levels, followed by $16.40/30, $15.50 and lower while resistance is seen at $18.30 levels, followed by $19.20 and higher respectively. Bulls are in complete control for now and any intraday dips should be considered as opportunities to go long.
Trading recommendations:
Fix partial/full profits for now and wait for a correction to go long again.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for January 20, 2015. . Thanks for your support.
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