empty
 
 
20.08.2013 12:10 PM
Silver resistance is at 24.80/25.00.

This image is no longer relevant

Technical outlook and chart setups:

The metal has failed ahead of resistance at 24.80/25.00 for now. It is quite possible that the rally from 18.00 to sub 23.00 levels could be a counter trend within the larger bear trend. Immediate Daily Chart resistance is at 24.80/25.00 levels and the bulls need to break that to confirm a trend reversal. Until then, it could be safe to assume that a major retracement, towards 20.50/70 (the past resistance turned support region) or a new low below 18.00 could be underway. Aggressive trade may initiate fresh short positions 23.00/40 region, risk would be 24.80.

Trading recommendations:

Aggressive: Initiate short positions between 23.00/40, stop 25.00

Conservative: Flat

Good luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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