Technical outlook and chart setups:
The sideways consolidation continues for Silver, since last 2 trading weeks for now. The trading range is 23.00 as resistance and 22.00 as support. Believe it or not, as we had discussed about earlier breakouts in 2012, this one would be as powerful and 25.00/26.00 levels could be reached in a flash. The weekly charts suggests that a major bottom has been formed at 20.00 levels, and it should be looking higher from here on. Immediate resistance is at 23.00, followed by 24.00 and higher up, while support is at 22.00, followed by 21.20/30 and 20.75 on the lower side. It is recommended to hold on earlier long positions, but initiate fresh long positions above 23.00. Looking higher from here on.
Trading recommendations:
Hold on to long positions, stop is at 20.50, and target is at 25.00/26.00
Good luck!
