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01.05.201312:15 Forex Analysis & Reviews: Silver may retrace to 23.00/10 levels before rallying further

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Technical outlook and chart settings:

As depicted on the 4H chart here, Silver looks to be poised for a retracement lower towards 23.00/10 levels from here, before rallying higher. Immediate resistance is at 24.83 levels for now and support is around 23.00 also marked as extension of Gartley formation (Red Color). It is therefore recommended to go long again on a bullish bounce at 23.00 levels for an extended rally towards 26.00 levels. Higher up resistance levels are marked with 26.00/50 (which is also the past support turned resistance), followed by 28.00, 29.10/20 and higher; while supports are around 22.00, 21.45 and 20.00 respectively. Looking lower for short term and then higher up.

Trade recommendations:

Look to buy again around 23.00/10 levels, stop below 22.00, target 26.00

Good luck!

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