03.02.201510:05 Forex Analysis & Reviews: Technical analysis of Silver for February 03, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

Silver bounced from $16.70 levels on Jan 30, and remained shy by few cents to hit the Fibonacci 0.618 support as seen here. Nevertheless, the metal has resumed rally above the levels of $17.50 as of now, and bulls remain poised to extend further gains here, as it was expected. It is highly recommended to remain long for now, and risk is below $16.00. Immediate support is seen at $16.70 (interim), followed by $16.50, $16.20 and lower while resistance is seen at the levels of $18.20 followed by $18.50, $18.90 and higher, respectively. A push beyond $17.80 levels now (trend line resistance passing), would be extremely bullish and confirm that bulls shall remain in control.

Trading recommendations:

Remain long for now; stop is at $16.00, target is $18.90 and $21.00

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.