FX.co ★ Silver Takes Out Intermediary Resistance at 34.20 Levels. Buying On Dips Recommended

Technical Outlook and Chart Setups:

As depicted above and was discussed yesterday, the intermediary resistance placed at 34.20 level has been taken out by bulls here. This may not be the strongest technical reason for turning bullish but this could be surely the beginning. Prices at the moment are right at the back of the inner support line as one can see. A push through higher is required now above 34.50 levels. Any intraday dips should remain well capped above 33.50 level now, if it is needed the momentum continues further. It is recommended to build long positions on dips. 35.10/15 are the next lined up resistance that should be targeted by bulls.

Trade Recommendations:

Stay long from yesterday, stop below 32.50, and target open (fresh highs).

Good Luck!