InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

    Technical analysis of Silver for February 03, 2015

    Show full picture

    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!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree