Silver testing backside of trendline. 31.50/60 should remain well supported
Technical outlook and chart setups:
A daily chart view has been depicted here for a larger swing view. As seen here, the prices broke out of the inner resistance line earlier. The rate rushed through the 32.50 region and is currently back testing the same line which should provide enough support for another bounce higher up. Resistances are now lined up from 33.60/65 through 34.30/40 and 35.10/20 region. It is recommended to initiate fresh long positions at current levels (31.60/65) again for fresh highs. Looking higher from here on.
Go fresh longs from current price levels, stop is at 30.00, target is open (book partial profits at 33.00).
The material has been provided by Instaforex Company – http://www.instaforex.com/