Technical Outlook and Chart Setups:
Silver trend structure remains unchanged as we have discussed lately. After yesterdays' movement, the prices are expected to pull back towards 30.40/50 region before rallying further up. Resistance is lined up at 31.50, 33.50, 34.30/40, and 35.10 respectively, while strong support will be provided by 29.20 level from here on. It is recommended to remain long and add to positions on intraday dips as well. In order to remind, prices have bounced of a convergence of Fibonacci ratios, and a rising trendline support. Hence till the time 29.20 remains intact, the white metal has headed north.
Trading Recommendations:
Hold on to long positions, buy further on dips. Stop is at 29.00 and target remains open.
Good Luck!
