empty
 
 
27.06.2014 11:49 AM
Technical analysis of Silver for June 27, 2014
This image is no longer relevant

Technical outlook and chart setups:

1. Silver is stalling around $21.00 levels for now, which is fibonacci 0.618 resistance of the fall from $22.00 to $18.60 levels. Furthermore, the metal needs to correct/retrace lower towards the resistance turned support line as shown here. Higher probability is to move lower from here.

2. Support is around $19.50 levels, followed by $19.00, $18.60, $18.00 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.

3. The structure indicates that Silver could resume rally from sub $19.00 levels. A correction seems to be due.

Trading recommendations:

Remain short, Stop around $21.50, target is open.

Good luck!


Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback