Technical outlook and chart setups:
Silver produced a doji(hammer) yesterday after printing lows at $17.30 levels. This could be an indication of a potential reversal or a pullback due, into the $18.60 and $19.00 levels. Also note that past support turned resistance zone is around the same levels, as depicted here. The metal needs to clear at least $20.00 (break out of the immediate line of resistance) levels to confirm a further push towards $21.20/30. It the metal reverses fro around $18.60/$19.00 levels, potential remains of yet another low below $17.00 levels before reversal. It is recommended to wait for a bullish reversal confirmation on the daily chart view, to turn long.
Trading recommendations:
Remain flat for now. Look to initiate longs again on confirmation.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
