Technical Outlook and Chart Setups:
It seems that silver is retracing yesterday’s rally through 32.25 levels. It is expected that 31.50 level should be held as well as intermediary support; while 30.20 level is strong support for the metal. Next resistance comes in at 32.50 level as it was depicted above. Immediate bullish target for the metal is getting past the 32.50 level before taking on the lined up resistance levels till 35.00. A bullish reversal from here on (31.50 level should be held now), would take the metal comfortably past the 35.00 level towards 37.00 and higher. Long for now.
Trading Recommendations:
Stay long for now, stop at 31.00, and target open. Intraday dips are buying opportunities.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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