Forex Analysis

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Silver could be bought by at least 50% capacity at 22.90/95

Posted at May 29, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

The metal continues moving sideways for a while and for now it is recommended to initiate at least 50% long positions at 22.90/95. The remaining 50% could be bought around 21.30/40, if prices fall to that level. Resistance is at 23.30 for now and a break above that would confirm an extended rally towards 25.50 at least. Higher up resistances are at 25.00 and 27.00 respectively. Intermediary supports are spread through 21.60, followed by 21.20/30 and lower. It looks like a bottom is in place at 20.00 level for the metal and is looking higher now.

Trading recommendations:

Long now at 22.90/95, stop is at 21.00, and targets are 25.00/50.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com