Silver range trading continues… Bounces again from 28.50
Technical outlook and chart setups:
Trading sideways is simple if you keep it simple! Again we have found silver to be exceptional sideways instrument. The range establishment here is between 28.40/50 as support and 29.20/30 as resistance. A bullish bounce at support should be bought, and that is what happened again yesterday, while a bearish bounce at resistance should be sold. Support below 28.40 is at 28.00 which should hold well. Resistance levels begin from 29.50, followed by 30.20, 31.20/30 and higher up. The time taken by this sideways trading range is nearly 18 days for now, and one should not be surprised to see a breakout, to see through prices straight towards 30.50 and even higher. Bottom line: Stay bullish.
Remain long, add further now (28.80), stop is at 27.00, and target is open.
The material has been provided by InstaForex Company – www.instaforex.com