Technical Outlook and Chart Setups:
Yesterdays' dip towards 32.10 level followed by sharp reversal indicates that a higher low could just be in place for Silver. It is recommended to buy intraday dips from here on. The support region is spread across 31.70-32.00 levels, while resistance begins from 33.50 region. Bulls would be targeting 33.50 before pulling back again. Please note that the metal can still pullback towards 32.00 levels before rallying again; hence trades should be planned accordingly. It is good to be at least partially long at these levels, to take advantage of a rally. Higher now.
Trade Recommendations:
Hold on to long positions taken earlier, buy further on dips, stop below 30.00 (shall be revised later), and target open.
The material has been provided by Instaforex Company - instaforex.com
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