Technical Outlook and Chart Setup:
Still there is a possibility of wedge formations. During the Friday’s session a breakout of the wedge was most expected, but silver failed once again at 28.20/25 levels. The nearest support/low on the rising boundary comes in at 27.00 level. Until the prices are above 27.00, a bullish breakout is warranted. We emphasize again that rising wedge structures have a tendency to break higher in most of the cases. We are precisely 25 cents away from a price breakout level at this moment. Expect a high anytime now.
Trading Recommendations:
Hold on to long positions taken earlier, target 29.00 and 30.00.
Good Luck!
