Technical outlook and chart setups:
1. Silver is preparing to initiate a rally from the current levels of $19.50/60. As seen here, the metal is testing the backside of the broken resistance line. It is recommended to remain long from positions initiated yesterday.
2. Immediate resistance is at $20.50, while support is at $18.70/80, followed by $18.00 respectively. Till the time prices remain above $18.70.00, higher highs would be formed.
3. The structure reveals that Silver would be ready to target extensions at $21.00 and $21.00.50 immediately. A further push would challenge resistance at $22.00.
Trading recommendations:
Remain long for now, stop is at $18.60, target is open.
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 Technical analysis of Silver for January 10, 2014. . Thanks for your support on Technical analysis of Silver for January 10, 2014.
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