Technical Outlook and Chart Setups:
As depicted above, silver is still holding support region around 31.60/80 levels. Furthermore, strong support is around 30.20 levels. Short-term charts (15min-1hour) are beginning to show signs of reversals, but resistance which is now placed at the 32.50 region needs to be broken to confirm a bullish reversal. The long-term trend set-up should be taken into consideration. It is still recommended to stay long and add positions on dips. Our risk is around 31.00 region for now.
Trading Recommendations:
Stay long for now. Stop at 31.00. Target open (fresh highs).
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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