Technical outlook and chart setups:
As seen on the daily chart setup here, silver is preparing to stage a rally after producing doji candlestick pattern last Friday. The 28.00 level is re-enforced by the Fibonacci 0.786 support and also the past resistance turned support region. Intermediary support is at 28.00 followed by 27.50, and 26.50 respectively. Immediate resistance is seen at 29.50, 30.00, and 31.00 respectively. It is strongly recommended to remain long for now.
Trading recommendations:
No change. Hold long positions, add further on dips if possible, and target is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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