Technical Outlook and Chart Setups:
This is a classic example of reversal. 1. Down trendline breaks. 2. Resistance taken out at 32.70 level. 3. Prices fall and test the backside of the resistance turned support line, shown as arrow above. Technically, silver should carve out an extended rally in the coming sessions which takes prices above 35.00 level comfortably. Support will be strong at 32.00 level now, followed by 31.50/60, while immediate resistance is to be met at 33.30, followed by 34.30 and close to 35.00. It is humbly recommended to buy intraday dips from here on, with confidence. Look higher.
Trading Recommendations:
Hold on to long positions taken earlier, buy further on dips, move stop to 31.50, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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