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Technical analysis of Silver for September 25, 2014


Technical outlook and chart setups:


Silver remains more or less unchanged structurally, and still trading below $18.00 levels as depicted on the 1H chart view. The metal seems to be pulling back from fibonacci 0.382 resistance of the drop between $18.90 and $17.30 levels as seen here. Furthermore, Silver would remain in the sell zone till prices are below $18.50/60 mark. The line of resistance is now passing just below the $18.40 levels and only a break above could bring back control to bulls. The $18.30/40 region remains ideal to initiate short positions, on a bearish signal appearance. Resistance remains at $18.60/90 levels while interim support is at $17.30 for now.


Trading recommendations:


Remain flat for now. Watch out for a reaction at $18.40 levels.


Good luck!






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