11.02.201310:49 Forex Analysis & Reviews: Silver extremely bullish above 32.25. Consolidation for now

Long-term review

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Technical outlook and chart setups:

As depicted on the daily chart view here, Silver remains in a structural uptrend for now. 29.22 level should hold well as support and resistance begins from 32.50, 33.60/70, and 34.30. Currently the metal is seen consolidating between 32.25 and 31.25/30 levels and a clear break out is required to decide further direction with more conviction. As it has been discussed earlier, it still remains a possibility that Silver forms base around 30.50 before rallying further towards fresh highs. It is recommended to restrain from taking fresh positions for now.

Trading recommendations:

Hold on to earlier long positions, stop is at 29.00, and target is open.

Good Luck!

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