empty
 
 
25.06.2013 10:54 AM
Silver: Bottom formation seen between 17.00 to 19.50

This image is no longer relevant

Technical outlook and chart setups:

A weekly chart has been depicted here for the overall wave structure. The metal is trading between the 0.618 and 0.786 Fibonacci levels of the entire rally between 10.00 to 49.00 in recent years. A convergence is rather seen at 17.00 level (also the 0.786 Fibonacci level). It is expected that a major bottom formation is quite near; either at current levels at 19.50/60 or 17.00 level from here on. It is recommended to remain flat for now and await clear bullish/reversal signal at any of the above levels to enter long positions. Aggressive traders can enter short positions on a break of 19.40 level for a target of 17.00 level.

Trading recommendations:

Flat for now.

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