Technical Outlook and Chart Setups:
Silver stopped us out below 32.00 in the last trading session. Still the structure remains constructive for bulls. It is quite possible that silver has completed an A-B-C correction from 34.30/40 levels, and that the metal is ready to rally again. Intermediary support now begins from 30.60/70 levels followed by 30.00 level; while resistance (intermediary) is at 33.60/70, 34.30/40, and 35.10 respectively. It is still recommended to consider dips as fresh buying opportunities and build long positions. If prices manage to reach 30.00 level, it will be considered best buy since the Fibonacci 0.618 support level of the rally between 26.00 to 35.00 is re-enforced there.
Trading Recommendations:
Buy at current levels, stop is at 29.80. Target is above 37.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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