Technical Outlook and Chart Setups:
Silver has now cleared 28.20 level and it is just a matter of time before the metal registers a swing high near 30.00 level. It has come a long way since we discussed 26.50 to be a strong support. We expect it to continue rallying towards the measured extensions as depicted above. Long positions taken last week should be held for now. Fresh buying should be made on intraday dips since those will be new buying opportunities presented. Intermediary resistance is at 28.90 levels.
Trading Recommendations.
Hold long positions for now and build them on dips, target 30.00.
Good Luck!
