Silver retracement seems to be completed at 28.60. Looking higher
Technical outlook and chart setups:
As seen here, after breaking out above 29.00 level, the metal has corrected all the way towards 28.60 in the NY session. It should be noted that the short-term trend line depicted here has been tested yet again at 28.50/60 level and still remains intact. If the overall structure remains constructive for bulls, the recent dip should be used as fresh buying opportunity. As discussed earlier, intermediary support remains fixed at 28.20/30 levels, followed by 28.00, while resistance is lined up at 29.50, followed by 30.30, and 31.30 respectively. It is still recommended to hold on the long positions taken earlier for a push through 29.50 level in the sessions to come by. Looking higher for now.
Remain long, stop is at 28.00, target is at 29.50, 30.50, and 31.00.
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