Technical outlook and chart setups:
As we have been discussing earlier and as depicted on the 4H chart view here, Silver has finally produced a bullish break consistently above 29.00 levels yesterday in the pre- NY session. Please note that immediate resistance is at 29.50 and then 30.30. Also to be noted that the metal has just tested the 29.00 levels again, which is past resistance turned support now. Amid the current wave structure it is recommended to hold long positions for price targets above 30.00 and 31.00 comfortably. Furthermore, if we look into the Daily wave structure, prices are in for a long term bullish reversal towards 41.00 and above. 29.00 levels should act as good support now. Bottom line: Look higher from here on.
Trading recommendations:
Stay long, stop is at at 28.00, targe1 is at 30.30, target 2 is at 31.00, and target 3 is open.
Good Luck!
