empty
 
 
06.03.2013 01:04 PM
Silver targeting 29.50 immediately. Buying on dips remains favoured strategy

This image is no longer relevant

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.

Trading recommendations:

Hold on to long positions, stop is at 27.00, and target is open.

Good Luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback