Analysis of silver for April 11, 2017

Source: Forex Analysis


Recently, silver has been trading sideways at the price of 18.06. On the 1H time frame, I found that price has broken the upward channel in the background which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 17.52, 17.30 and 16.85. Strong resistance is found at 18.05 and 18.15.

Resistance levels:

R1: 17.95

R2: 17.97

R3: 18.00

Support levels:

S1: 17.91

S2: 117.90

S3: 17.87

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company –