11.03.201315:42 Forex Analysis & Reviews: Silver Remains Constructive. Needs to Break 29.00 Consistantly

Technical Outlook and Chart Setups:

On the 4H chart the following facts can be noted.

1. Silver has bounced back from 0.786 support levels around the 28.00 mark of the entire rally between 26.00 levels to 35.00 levels (swing is not seen here);

2. Immediate support as seen here is 28.00 level followed by 27.50, 27.00 and lower; while resistance is at 29.50 followed by 30.30, 31.00 and 32.00 higher.

3. At the moment, the metal seems to be consolidating between 28.50 and 29.00 and a bullish breakout is awaited/expected anytime.

4. Looking into the immediate wave structure AB (as shown here), the immediate upside target is at 30.00 level.

Keeping the above facts in mind, it is recommended to remain long for now and add further during intraday dips. Bottomline: Bullish above 28.00

Trade Recommendations:

Remain long for now, stop is at 27.00, target 1 is at 29.50/30.00, target 2 is at 31.00.

Good Luck!