Technical outlook and chart setups:
As seen on the 4H chart view, following facts could be noted for the metal since last few trading sessions:
1. After bottoming out at 28.00 level, which is the 0.786 Fibonacci support level of the larger upswing between 26.00 and 35.00, Silver has remained subdued into sideways movement.
2. Intermediary supports are seen at 28.40/50, followed by 28.00, 27.00 and lower; while resistances are placed at 29.50, 30.30/40, 31.20.30, and above 32.00 levels respectively.
3. Yesterday’s action confirms pretty much a break above 29.00 level. Furthermore, prices have held above 29.00 for the day and preparing to rally further towards 29.50 immediately.
4. Till the time prices stay above 28.00, bulls would stay in control and every dip should be considered as buying opportunity for higher targets.
Trading recommendations:
Hold on to long positions, stop is at 27.00, and targets are at 29.50, 30.30, 31.20 and higher.
Good Luck!