Silver remains bullish; buy on dips
Technical outlook and chart setups:
As depicted in the daily chart, the metal has produced a hammer just ahead of the 0.786 Fibonacci support level yesterday. Furthermore, the region is defined by past resistance turned support 28.20/30. Immediate support is provided by 27.50 followed by 27.00 and lower; while immediate resistance is provided by 30.00 followed by 31.00 respectively. It is recommended to hold long positions if taken yesterday and also buy further on dips today. Looking higher from here on.
Buy today on dips between 28.50/60, stop below 27.50, target open.
The material has been provided by InstaForex Company – www.instaforex.com