Technical outlook and chart setups:
1. Silver seems to have resumed towards fresh swing highs as expected. A morning star was produced at sub $19.00 levels indicating a reversal. It is recommended to hold long positions and look to add further on dips. It is possible that prices remain between $19.00-$20.00 before final thrust on the higher side.
2. Intermediary resistance is at $20.50, followed by $21.00 and higher up, while supports are placed at $19.00 and $18.75 respectively.
3. The structure indicated that a major bottom is formed at sub $18.00 levels for the metal to rally towards fresh highs at $22.00 and $23.70.00 respectively.
Trading recommendations:
Remain long, stop is at $18.50, target is $22.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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