Technical outlook and chart setups:
As depicted on the 4H chart view here, the metal is consolidating between 31.20 and 32.20, it is shown as a cone formation. Above 32.25 a bullish breakout towards the 33.60/70 and 34.30 mark would confirm (defined as resistance levels at the moment). It is quite possible, that silver again tests the 30.40/50 mark before further rallying on the north side. This is also re-enforced by the 0.618 support of the recent rally between 29.22 to 32.50. It is again reminded that 29.22 remains the trend defining support level, and recommendations are to buy on dips.
Trading recommendations:
Hold on to long positions, buy further on dips, stop is at 30.00, and target is open.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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