Technical outlook and chart setups:
As depicted on the 4H chart view, Silver continues to consolidate in a decreasing resistance and increasing support fashion. Support levels have been rising from 30.75 level through 31.00, 31.30/40 and 31.60 respectively. Resistance levels have been falling from 32.50 level through 32.25 and 32.00 respectively. It is recommended to refrain from entering into fresh long positions at the moment, rather go long on a bullish break above 32.25. 33.30/40 and 34.30 levels are seen to be as measured upside targets for now.
Trading recommendations:
Hold on to long positions taken earlier, buy fresh on a break above 32.25, stop is at 30.00, and target is open for the long term. Book partial profits at above mentioned levels.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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