Technical outlook and chart setups:
Silver ralled through the past interim resistance around the level of $16.70 yesterday. The metal is expected to trace lower to $16.00 before resuming its rally. It is hence recommended to book profits on long positions taken earlier and look to buy at lower levels again. Immediate support is seen at $16.30 (the interim level), followed by $15.60, $15.30, and lowe,r while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls should remain in control until prices stay above $15.60 from here on.
Trading recommendations:
Book profits on long positions taken earlier, and remain flat.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for April 29, 2015 . Thanks for your support.
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