Technical outlook and chart setups:
Silver touched initial extension at $18.30/40 levels yesterday before pulling back. The metal could still push higher towards $18.90 from current levels ($18.00/05), or after pulling back towards $17.30 at least. It has been confirmed now that bulls are firmly in control and the metal is pushing higher, forming an inverted head and shoulder reversal (discussed earlier). It is recommended to buy on any dips/retracement from here on. Immediate support is seen at $17.40/50 (past resistance turned support), followed by $16.50/60, $16.20 and lower while resistance is seen at $18.50/60, followed by $18.90/$19.00 and higher respectively.
Trading recommendations:
Buy on dips towards at least $17.40/50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
