FX.co ★ Finally Silver Hits 30.50 And Lower. High Probability Of Bottoming Out Now. Stay Long

Technical Outlook and Chart Setups:

As seen from the chart depicted here, silver finally hit 30.50 level and went lower today. Please note, the fall is still seen to be corrective in nature, comprising of wave 2 of the 5 waves rally expected from 29.22 level. The metal is likely to form bottom around 30.20/50 levels before reversing. Immediate Fibonacci support is just below the 30.00 levels as well. A bullish reversal here would produce a rapid rally towards 33.00 levels. It is, therefore, recommended to stay long. Looking higher from here.

Trading Recommendations:

Hold long positions, stop at 29.00, target open.

Good Luck !