Technical Outlook and Chart Setups:
Silver is showing signs of bottom formation at the 32.50 level. It is recommended to hold long positions and add also further long positions during intraday dips. Intermediary support is at 32.50, followed by 32.00 and then 30.80; while resistance is around 34.50 and 35.10/20 respectively. A push through the 33.80 level will target 34.50. On the other hand, there is a possibility that the metal correction continues, bringing prices around 31.50 level before resumption of larger rally. Looking higher for now.
Trading Recommendations:
Hold long positions if taken earlier, buy intraday dips, stop below 32.00, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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