17.10.201607:20 Forex Analysis & Reviews: Silver Technical Analysis for October 17, 2016.

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Technical outlook and chart setups:

Silver had dropped to $17.30 level on Friday before pulling back. The metal is seen to be trading at $17.45 level for now, looking to stage a counter trend rally towards $18.50/19.00 levels. Please note that it is quite possible that the metal may resume its long term rally from here, since the metal has bounced from a multi-month trend line support. The wave structure also indicates that the metal is expected to produce a counter trend rally at least towards $18.50 level. If the metal reverses from $18.50/19.00 levels, then it would form base around $16.50/60 levels which is also the fibonacci 0.618 support of the entire rally between $13.70 and $21.10 levels respectively. It is recommended to remain flat for now and look for opportunities to short again on rallies. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.00 levels respectively.

Trading recommendations:

Remain flat for now. Aggressive traders may remain long, with stop at $17.00 and targeting $18.50 at least.

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.