Technical outlook and chart setups:
Silver cleared its initial extension at $18.30/40 levels last week. The metal could be poised to push higher towards $18.90 levels, the next extension. Please note that the metal has already moved, unfolding an inverted head and shoulder reversal since $15.50 levels. One should not be surprised to see $21.00 levels being hit soon enough. Immediate support is seen at $17.90 levels, followed by $17.40/50 and lower while resistance is seen at $18.90/19.00 levels and higher respectively. It is recommended to keep buying on dips as a simple trading strategy. A long-term bullish trend might have already resumed.
Trading recommendations:
Look to buy on each dip.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
