15.02.201313:15 Forex Analysis & Reviews: Finally Silver Hits 30.50 And Lower. High Probability Of Bottoming Out Now. Stay Long

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:

As seen from the chart depicted here, silver finally hit 30.50 level and went lower today. Please note, the fall is still seen to be corrective in nature, comprising of wave 2 of the 5 waves rally expected from 29.22 level. The metal is likely to form bottom around 30.20/50 levels before reversing. Immediate Fibonacci support is just below the 30.00 levels as well. A bullish reversal here would produce a rapid rally towards 33.00 levels. It is, therefore, recommended to stay long. Looking higher from here.

Trading Recommendations:

Hold long positions, stop at 29.00, target open.

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.