Silver targeting 29.50 immediately. Buying on dips remains favoured strategy
Technical outlook and chart setups:
As seen on the daily chart setup here, Silver remains bullish overall. No doubt, the metal has remained sidelined for a few trading sessions having attempted a break above 29.00 yesterday. Please note that 28.00 level is strong support since it is around the confluence of 0.786 Fibonacci level and past resistance turned support, as shown. As long as the prices are above 28.00, it is highly recommended to hold/buy positions taken earlier and on intraday dips. 29.50 is immediate resistance and the bulls would be determined to register highs in the sessions to come.
Hold on to long positions, stop is at 27.00, and target is open.
The material has been provided by InstaForex Company – www.instaforex.com