empty
 
 
28.06.2016 09:40 AM
Silver Technical Analysis for June 28, 2016.

This image is no longer relevant

Technical outlook and chart setups:

Silver is seen to be trading at $17.60/70 levels at this moment, after easing out from $18.30 levels last week. The metal has been drifting sideways since then in a dropping wedge format. The immediate wave structure indicates that Silver is trading above its trend line support for now and remains in control of bulls. Also note that fibonacci 0.618 support comes in at $17.50 levels and a bullish bounce there, would encourage further confidence on bullish side. On the flip side, a break below $17.00/10 levels now would confirm that a meaningful top might have been in place and the metal is set for a medium term correction. It is hence recommended to remain flat for now, waiting for further evidence. Immediate support is seen at $17.50 levels, while resistance is seen at $18.30 levels respectively.

Trading recommendations:

Remain flat for now.

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 $1000 more!
    In April we raffle $1000 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