Technical Outlook and Chart Setup:
We would like to overview silver consolidation sequence happening during last few weeks. As depicted above, this is a classic example of a rising wedge formation where the resistance remains constant around 28.25/30 area and support continues to increase (26.00, 26.50, 27.00). The probabilities of rising wedge breakouts are more likely to head towards north side; moreover, they are very powerful. We strongly believe, that once resistance is cleared at 28.25/30 levels, silver is going to rush towards 29.00 and 30.00 levels quickly. Stay long, breakout is expected very soon.
Trading Recommendations:
Hold on to long positions. Target 30.00 and above.
Good Luck!
