Technical Outlook and Chart Setups:
The bullish structure remains intact since last several trading sessions. Let’s focus on the larger swing structure discussed again here. The large upswing is AB and the retracement is C which is already in place at 29.22 level. It proves to be strong trend defining support at the moment. Till the time prices stay above 29.22, silver is strongly headed north. Resistances are lined up at 31.50, 33.50/60, and 34.30 levels on the higher side. Also note that prices have bounced back sharply from the convergence of trendline support, 0.618 Fibonacci retracement of AB and 1.27 Fibonacci extension of the downswing from 35.00 to 31.00. Looking higher from here.
Trading Recommendations:
Hold on to long positions taken earlier strongly, buy further on intraday dips, stop is at 29.00, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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