FxWirePro: Silver Faces Strong Resistance at $16.35, Good to Buy at Dips
- Pattern Formed- Cup and Handle
- Major Resistance- $16.35
- Silver has made a high of $16.35 and slightly declined from that level. It is currently trading around $16.19.
- Short term trend is bullish as long as support $15.50 (Daily Kijun-Sen) holds.
- Any break below Kijun-Sen will drag the commodity down till $15.13/$14.85.Overall bullish invalidation only below $14.80.
- On the higher side continuation of bull trend happens only if it breaks above $16.35.Any break above $16.35 will take the commodity till $17.25/$17.75.
It is good to buy at dips around $15.85-90 with SL around $14.80 for the TP of $16.35/$17.25/$17.80
The material has been provided by InstaForex Company - www.instaforex.com