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    GBP/USD Technical Analysis and Trading Recommendations for April 24, 2012


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    Technical outlook and chart setups:

    Silver has bounced off as expected ahead of $16.00/20 levels yesterday. The metal is seen to be trading comfortably above $16.50, and looks to be poised to push through extensions at $19.90 and $20.80 respectively in the sessions to come. As depicted here, the metal has bounced off the trend line support and also fibonacci support (convergence) around the $16.30/50 region. Immediate support is seen at $16.20, followed by $15.50 and lower while resistance is seen at $17.40/50 (interim), followed by $18.50, $18.90 and higher respectively. It is strongly recommended to retail long positions.

    Trading recommendations:

    Remain long, stop at $15.50, a target is open.

    Good luck!


    Stanislav Polyanskiy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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