FX.co ★ Silver testing recent lows at 28.40; bullish reversal expected (March 1, 2013)

Technical outlook and chart setups:

As depicted in the 4H chart, Silver seems to have just completed its retracement around 28.40. Furthermore, it is also been supported by the 0.786 Fibonacci support and the trendline. Intermediary support will be provided by 28.20/30, while resistance is at 29.50 for now. It is still recommended to hold on long positions and plan to add further around current levels. Looking higher, but 28.30/28.00 remain key levels.

Trading recommendations:

Hold on to long positions, add further around current levels (28.40), stop at 27.00 target open.

Good Luck!