Technical Outlook and Chart Setups:
The overall structure is turning more constructive for bulls. At the moment, silver is pulling back, just shy of first resistance at 32.65. It is expected to dip towards at least 32.00 levels now and bounce back there after. Supports are lined up through 31.80, 31.50, and 31.30 levels while resistance is lined up through 32.65, 33.30, 34.30/40, and 35.00 levels respectively. It is recommended to buy on intraday dips below 32.00 levels now. Also please keep booking partial profits at each higher target when reached. Look higher from here.
Trading Recommendations:
Book 25%-50% profits on long positions taken earlier. Buy again on dips below 32.00 levels. Stop at 30.80. Target Open for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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