Silver remains locked in trading range between 28.50 and 29.10/20 Trend News

Technical outlook and chart setups:

Looking into the 4H chart view depicted here the metal continues to range trade between 28.50 (support boundary) and 29.10/20 (resistance boundary). It continues for several trading sessions and believe it or not, a powerful range breakout would materialize soon. Trading bias remains on the higher side, looking into the overall swing structure that has been unfolding since last several months (July-August 2012). The entire upswing rally from 26.00 to 35.00 has been retraced till 0.786 Fibonacci level at 20.00 recently. Hence support is intact at 28.00 level, and resistance is lined up from 29.50, followed by 30.20/25, 31.10/20 and higher. It is highly recommended to remain long for now or range trade between 28.50 (Buy) and 29.10/20 (sell). Then focus on buying a breakout.

Trading recommendations:

Hold long positions, add further on dips towards 28.50, stop is at 27.00, and targets are at 29.50, 30.30 and 31.20 at least.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



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