Forex Analysis

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Silver remains bullish above 28.00

Posted at March 15, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

The structure, as depicted on the 4H chart view remains absolutely unchanged. Please note that all retracement is supported by the short-term uptrend line extending from 28.00 levels. This should be encouraging for bulls, for a push higher above 29.50 soon enough. Immediate intermediary support is at 28.60, followed by 28.30 and 28.00 while resistances are spread across 29.50, followed by 30.30 and 31.20 respectively. An ABCD wave structure is under way where AB boundary is between 28.00 and 29.30 levels, C is around 28.50 and D projection is above 30.00 levels. Bottom line: Till prices remain above 28.00 level, look higher.

Trading recommendations:

Remain long, stop is at 28.00, and targets are at 30.30 and 31.00 at least.

Good Luck!

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