Technical outlook and chart setups:
Silver retraced close to 31.00 level yesterday before pulling back to 31.40 level again. The overall trend structure remains grossly favorable to bulls; and it is recommended to buy on intraday dips as a common trade strategy. Supports are lined up from 31.00, followed by 30.20 and 29.30; while resistance is lined up from 32.50, followed by 33.60/65 and 34.35 respectively. Immediate upside target seems to be 32.00 and 32.50. Looking higher from here on.
Trading recommendations:
Hold on to long positions taken earlier. Stop is at 30.00. Target is open.
Good Luck!
