Technical Outlook and Chart Setups:
As depicted here, silver rose through the resistance at 33.75/80 before retracing down today. In the process silver has been clearly able to hold support region of 32.50/32.70. As shown, intermediary resistance remains at 32.50, while strong support will be provided by 32.00 followed by 31.80. Resistance is now at 35.10/20 levels, so a push through recent swing highs at 34.30 will be safe to assume that the metal is poised to break above 35.20 towards 37.00 level. It is recommended to buy on dips now. Looking higher from here on.
Trading Recommendations:
Buy at current level (32.93). Stop is below 32.00. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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