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Technical outlook:
Silver has retraced its recent drop up to fibonacci 50% around the $14.65 levels, which is expected to provide resistance. The rectangle mark is resistance zone that extends up to fibonacci 0.618 retracement towards $15.32 levels. If bulls are able to break above $14.65, the rally should extend through $15.30 levels before finding resistance and turning lower again. Please also note that immediate trend line resistance is also seen to be passing through $15.32 levels and a bearish bounce is expected if prices manage to reach there. Earlier, Silver had completed the drop that had begun from $19.65 levels. The fibonacci extensions were hit all the way towards $11.65 levels, before pulling back. The recent boundary that is being worked upon is between $17.60 and $11.65 respectively and it is retraced up to 50% until now. The overall structure remains bearish until prices stay below resistance at $17.60 levels. Trading point of view, short positions can be initiated between $14.00 and $15.30, with risk above $17.60 and targets below $11.65 respectively.
Trading plan:
Remain short from @14.00 and add more @ 15.30, stop at $17.60 and target below $11.65.
Good luck!
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