08.01.201310:47 Forex Analysis & Reviews: Silver Remains Bullish. Buying On Intraday Dips Recommended. 29.70/80 Region Is Support

Long-term review

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Technical Outlook and Chart Setups:

The overall structure remains grossly constructive for bulls. Immediate support is the Friday’s low at 29.20/25, followed by 28.00/27.50 and lower. As depicted here, the A-B-C structure seems to have been completed now with a low in place at 29.20 level. Silver is preparing for the next huge bull run towards D which extends to 37.00 and 41.00 levels respectively. Immediate resistance is at 31.50, followed by 33.50, 34.30, and 35.00 respectively. It is recommended to add long positions during intraday dips around 29.70/80 region. Looking higher from now.

Trading Recommendations:

Hold long positions, add further on dips around the 29.70/80 mark. Stop is at 29.00 and target remains open.

Good Luck!

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