FX.co ★ Silver locked in cone consolidation. Break above 32.25 required

Technical outlook and chart setups:

As seen on the 4H chart view presented here, the metal is locked into a decreasing resistance/increasing support type consolidation at the moment. Immediate resistance is around 32.10/20 region, while support is at 31.60/70 region. A clear break on either side is required to confirm further swing direction. As it was discussed yesterday, there is still a possibility that Silver may re-test the 30.50 region before heading north again. It is recommended to restrain from taking any fresh positions at the moment.

Trading recommendations:

Hold on to long positions taken earlier, stop is at 30.00, target is open. Fresh longs could be taken only above 32.25.

Good Luck!