empty
 
 
24.04.2013 10:58 AM
Silver remains locked/sideways. 22.00 remains intermediary support

This image is no longer relevant

Technical outlook and chart setups:

Silver remains sideways since last several trading sessions. Further implications would be a break higher towards 26.00/50 or towards 21.00/50 level. It is recommended to remain long for now on positions taken earlier, but refrain from taking fresh longs. The strategy would be to initiate fresh long positions above 24.00 level, targeting 26.00/50. Daily chart view suggests that prices are quite in the oversold territory and at least a relief rally towards 26.00 level remains high probability. Please also note that 26.00 level is also defined by the past support turned resistance, hence it remains an excellent selling opportunity if prices reach there. Bottom line: Bullish in the short term, towards 26.00 level.

Trading recommendations:

Hold long positions for now, stop is below 22.00, and targets are at 25.00 and 26.00.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback