FX.co ★ Silver Hits Convergence. Trend Remains Strongly Bullish

Technical Outlook and Chart Setups:

As depicted here, prices bounced off the lows on Friday producing the hammer pattern on Daily Charts also hinting reversal ahead. Furthermore, the 29.30 level is also the convergance point of:

1. The 0.618 Fibonacci support of the larger upswing between 26.00 and 35.00 levels.

2. The 1.271 extension of downswing from 35.00 to 31.00.

It is highly recommended to hold long positions taken earlier and also buy during intraday dips towards 29.70/80 region. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, and add further on dips today, stop is at 29.00, target is open.

Good Luck!