Technical outlook and chart setups:
Looking into the wave structure depicted on the 4H chart view here, silver seems to be set to rally higher up to 30.20 and 31.00 levels in coming sessions. Resistances are lined up from 29.50, followed by 30.10/20, 31.20 and 32.30; while intermediary supports are at 28.30/50, followed by 28.00 and lower. The expected unfolding wave structure has been shown as ABC and a possible D at 30.20/30 levels. The AB is between 28.00 and 29.20, and possible C formation is at 28.30/40 levels. Prices have remained subdued and sideways after that, but a bullish breakout could be expected towards a possible 30.20 soft target. It is therefore recommended to hold on long positions for now.
Trading recommendations:
Hold long positions, stop is at 27.00/50, and target is open (book partial profits at 30.25 and 31.20).
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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