Technical Outlook and Chart Setups:
As depicted here, silver managed to rally through 33.20/25 before pulling back sharply at the close of the session. Currently trading is around 33.05/06, it looks like metal is preparing for a downswing. It is recommended to exit long positions taken earlier for now. Aggressive traders may choose to go short expecting a downswing to materialize (around 32.50/60 levels) before a rally further up. Please note that major trend is up, this might just be a corrective/counter trend. Intermediary support is at 32.50, followed by the 32.00 mark and 30.80 mark respectively.
Trading Recommendations:
1. Conservative: Exit long positions taken earlier.
2. Aggressive: Go short now, stop is at 33.45. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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