18.09.201308:12 Forex Analysis & Reviews: Silver near 0.618 Fibonacci support.

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Technical outlook and chart setups:

The metal has dropped/retraced to the 21.50 levels as expected earlier. This level is also the 0.618 fibonacci support of the recent rally from 19.00 to 25.00, as depicted here. A bullish reversal here would confirm the next leg is up towards at least the 27.00 levels and more. As shown here, the support trendline is passing through the 20.00 area at the moment. Till the time prices remain in the buy zone of the support line, it is recommended to buy on dips. Intermediary resistance is seen at the 25.00 levels, while support is at 19.00, followed by 18.00/25 respectively. Hold on to long positions for now.

Trading recommendations:

Remain long for now, set stop below 19.00

Good luck!

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