Technical outlook and chart setups:
Silver is attempting to break clearly above the 24.00 mark at the moment. It is recommended to remain long from yesterday and add on dips as well (or initiate fresh positions only). In the event that a break above 24.00 is successful now, it would be rather clear that the metal is headed towards the extensions at 25.00 levels and then 26.30/40 in the near term. The intermediary support at the moment is fixed just above 22.00 level, while weekly charts point anywhere between 20.00 and 21.50. The 20.50/21.00 region is re-enforced by a long-term past resistance support and if prices manage to reach there now, or in the next downswing, that would produce the next major bottom. Major resistance now is fixed at 26.00/50 levels which was past support. Bottom line: Remain long now for an extended rally towards at least 26.00/50.
Trading recommendations:
Remain long from yesterday, stop is at 21.80, and targets are at 25.00 and 26.50.
Good luck!
