Silver may rise to 34.87 - 35.35

Pivot

34.25

Our preference

Long positions above 34.25 with targets at 34.87 & 35.35 in extension.

Alternative scenario

Below 34.25 look for further downside with 33.95 & 33.75 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

35.65

35.35

34.87

34.64 Last

34.25

33.95

33.75

Number of asterisks represents the strength of support and resistance levels.