Technical outlook and chart setups:
The metal still remains below the sloping down trendline as depicted on charts here. After printing fresh highs at 28.00 level, the metal is retracing for now. The area of interests for fresh buying would be 27.10/15 again, which was also past resistance turned support now. Furthermore, the 0.618 Fibonacci support falls around that region. It is still recommended to hold long positions taken earlier and also plan for buying fresh on a bounce at 27.00 level. Please note that silver needs to take out resistance at 29.20/30 and possibly 29.50 to declare a long-term reversal possibility. On the lower side 26.00 level are of key interest; if broken down, a huge shift in trend can be expected.
Trading recommendations:
Remain long, stop is at 25.95, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Silver hits 28.00 before reversing. 26.00 remains key here . Thanks for your support on Silver hits 28.00 before reversing. 26.00 remains key here
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