Technical outlook and chart setups:
As seen on the 4H chart view presented here, Silver has broken out convincingly above the dropping short-term trendline here. Immediate upside extensions are 29.35/50 and then around 30.00 level. Resistance shall be met at 29.50, followed by 30.00/50; while support is at 28.50, 28.00, followed by 27.50 and lower respectively. It is recommended to remain long for now and add during intraday dips in the NY session. Looking higher from here on.
Trading recommendations:
Hold on to long positions, stop is at 27.00 (to be revised soon), and target is open. Book partial profits at 30.50.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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