Technical Outlook and Chart Setups:
Silver is on its way towards the Wave 3 rally and minimum expectation is 34.30/40 levels. Furthermore, the structure depicts an inverse head and shoulder setup where the right shoulder has been carved at 32.00 level. Ideally, prices should remain well above the 32.00 mark, and all intraday dips should be well capped above that support level. Resistance begins from 33.30/40 levels and spreads through 34.40/40 and 35.00 respectively. The bulls are poised to take out resistances in coming sessions, and hence it is recommended to keep buying on intraday dips. Looking higher from here.
Trading Recommendations:
Hold on to long positions taken earlier, stop at 31.50 (stop will be revised soon), and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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