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Silver Remains Between 34.30/50 and 35.10/20

2012-10-03 12:49:36 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Proceeding to the issues discussed yesterday, 35.10/20 levels were again rejected, as being depicted above. The metal remains locked between defined trading ranges for now. 35.10/20 levels are resistance while 34.30/40 levels are support. The support line which is passing through the 33.70 region at the moment needs to be broken to expect further downside towards 32.50 and lower. On the other hand, resistance channel line needs to be cleared through the 35.10/20 region for further bullishness. The best suggested at the moment is range trading.

Trade Recommendations:

Trade the range shown above. Shorts were taken near 35.00 region yesterday. Book profits close to 34.00 level. Sell/Buy Channel break.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com