Silver: Strong buy remains on dips. 31.60 is immediate support
Technical outlook and chart setups:
As depicted on the 4H chart view, the white metal is probing sloping resistance line at 32.20/30 levels. A clear break is needed now to re-instil further bullishness in silver. As depicted here, immediate support is at 31.60, followed by 30.00, and 29.22; while resistance is lined up from 32.50, 33.60/70, and 34.30 respectively. It is recommended to stay long on positions taken earlier and further add on intraday dips. Trend remains up, looking higher from here.
Hold on to long positions taken earlier, buy further on dips, stop is at 29.50, and target remains open.
The material has been provided by Instaforex Company – instaforex.com