empty
 
 
08.11.2012 11:27 AM
Silver Holds 31.50 Level. Look Higher Now.

This image is no longer relevant

Technical Analysis and Chart Setups:

Silver could not rally past resistance at 32.65 yesterday; but the structure remains bullish since pullback has held 31.50 well. Intermediary support is at 30.60 and till the time the prices stay above this level, silver is headed higher. Resistance levels are placed at 32.65, 33.30, 34.30, and 35.00 respectively. It is recommended to buy on dips towards 31.50 level. An Inverse Head and Shoulders pattern will be ideal, if 32.65 level is broken. Nevertheless, silver should be looked higher from here.

Trading Recommendations:

Hold on to long positions. Stop at 30.00. Target Open.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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