Silver Showing Strong Signs For A Pullback

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Technical Outlook and Chart Setups:

Silver seems to have found resistance at 0.618 Fibonacci level or the downswing between 37.50 and 26.00 levels. It can be assumed with reasonable proof that prices are up for at least a pullback if not a major downswing. As depicted above, backside of the dropping line of resistance would be potential support now, also the former resistance area around 29.00-30.00 levels will be providing strong support during pullbacks. There is a high probability that trade setups at this moment are to be short with a strict stop around 34.50 level.

Trading Recommendations:

Remain short around 33.80 level from yesterday, stop at 34.50, target at 30.00.

 

Good Luck!

Performed by Analytical expert: Harsh Japee
InstaForex Group © 2007-2013

 Published: 2012-09-11 09:46:57 UTC+00 9 months, 6 days, 1 hour, 5 min. ago

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