Silver: Resistance 23.00. A break above targets 25.00 at least
Technical outlook and chart setups:
There is no change in structure from what was discussed yesterday. Silver is setting up for a 3 wave retracement (counter trend rally). Support levels are 21.20/40, 20.75, and 20.00; while resistances are spread through 23.00, 24.50 and higher up. It is recommended to remain long for now, and also buy on intraday dips. The structure suggests that an important low is in place at 20.00 level and a rally should materialize from current levels towards 25.00/26.00 anytime. Minor resistance shall be met at 22.00 levels, but a push above that would raise through 23.00 and 24.00 very soon. Looking higher from here on.
Hold on to long positions, stop is at 20.50, and target is open.
The material has been provided by InstaForex Company – www.instaforex.com