Technical outlook and chart setups:
As depicted on the Daily Chart view here, the metal has finally produced a bullish reversal as a Morning Star on Friday last, just ahead of major support at 26.00. Believe it or not, this could just be a major long-term reversal trading signal; and it is highly recommended to hold long positions taken last week; also buy on dips from here on. Looking into the overall swing structure, it seems that ABC has been formed now, where A= sub 26.00 level, B=35.00, and C=26.60 are headed towards forming a long-term D extension above 40.00 and 50.00 in the coming months. For now, immediate support is 26.60 level followed by strong support at 26.00, while immediate resistance is at 29.50, followed by 32.50, 34.30 and higher up according to daily chart. Bottom line: Looking higher from here towards a major reversal.
Trading recommendations:
Hold long positions and buy intraday dips as well, stop is below 26.00, 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 reverses ahead of 26.00. Remain long . Thanks for your support on Silver reverses ahead of 26.00. Remain long
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