Technical outlook and chart setups:
Structurally, things remain unchanged and as discussed yesterday, silver has retraced to 31.10/15 levels (slightly lower than expected). The metal seems to have already formed base at 30.70/75, which would act as a support now; but please note that a possibility of a lower formation at 30.50 levels before final rally materializes remains. To summarize, trend remains up for the moment; 29.22 is major support; intermediary support might be already in place at 30.70 level or it would form a fresh low around 30.50 before rallying further up. Higher probability is for a rally to materialize now.
Trading recommendations:
Hold on to long positions taken earlier, stop is at 30.00, and target is open. Book partial profits at 34.50.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
For detail explanation and best discovery on market trends you may visit via Silver retraces to 31.10/20 levels. Bullish trend intact. Build further longs . Thanks for your support on Silver retraces to 31.10/20 levels. Bullish trend intact. Build further longs
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