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Thread: Technical analysis of Silver By Instaforex

  1. #1
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    Default Technical analysis of Silver By Instaforex

    Technical analysis of Silver By Instaforex-xagusd03122014-jpg
    Technical outlook and chart setups:
    Silver had rallied on December 01, and took out resistance at the level of $16.70 levels. The metal is expected to pullback towards $15.30/50 levels at least before rallying further up. It is recommended to initiate long positions again on a pullback towards $15.40 levels, which could also be defined as a right shoulder for a potential inverted head and shoulder reversal. Support is seen at sub $15.30/40 (fibonacci 0.618 support), followed by $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. Bulls shall remain in control till prices remain above $14.50 from here.

    Trading recommendations:
    Remain flat for now. Initiate longs at $15.40/50, stop at $14.20, target is open.
    Good luck!

  2. #2
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    Default Silver daily analysis for December 25, 2014 By Instaforex

    Overview
    In the today's H4 chart, silver has stabilized above the support level of 15.50 and could not break it, and currently it is bouncing towards the resistance level of 16.00 to test it. So, we still suggest waiting for closing above the resistance level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.50, then after breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals, but as long as the metal trades below the resistance level of 16.00, it cancels the bullish scenario.
    Technical analysis of Silver By Instaforex-silver_25-12-png

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analysis, closing, daily analysis, fibonacci, instaforex, level, resistance, signals, stop, support, technical analysis, test, trading

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