13.06.201312:11 Forex Analysis & Reviews: Silver holds 21.20/40 support. Looking higher

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.

Trading recommendations:

Hold long positions, stop is at 20.50, and target is at 25.00/26.00.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.