Technical outlook and chart setups:
As seen on the 4H chart view presented and also being discussed since last 2-3 sessions, the metal rose through the 32.00/10 mark comfortably. The swing targets are placed near the 34.50/60 mark as depicted here (Fibonacci extensions). Current (intraday) support is around the 31.50 mark and any dips now should remain capped above 30.70 support now. One possibility still remains that prices may fall towards the 30.40/50 region, which is also been re-enforced by the 0.618 Fibonacci retracement of the rally between 29.20 to 32.50, before extending further to 34.50 levels. Bottom line: Buying on dips should remain the trade strategy till 29.20 holds.
Trading recommendations:
Hold on to long positions, stop is at 30.00 (will be revised soon), and target is open.
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 upside seen towards 34.50/60 . Thanks for your support on Silver upside seen towards 34.50/60
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