Technical outlook and chart setups:
Silver is searching for bottom formation/support levels. At the moment it remains at the following:
1. Past resistance turned support levels 18.50-19.20.
2. Fibonacci retracement levels of the entire rally from 08-10 to 49.00 level.
3. Fibonacci extension of the downswing from 49.00 to 34.00 level.
A bullish reversal is possible here or around 17.00 level; before the metal reverses. Watch out for a bullish reversal on higher timeframes of 4H and daily charts to enter long positions for good.
Trading recommendations:
Flat for now. Looking for bullish reversal.
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 Silver searching for bottom. 17.00 seen as max downside . Thanks for your support on Silver searching for bottom. 17.00 seen as max downside
No comments:
Post a Comment