FX.co ★ Technical analysis of Silver for April 17, 2014

Technical outlook and chart setups:

1. Silver is still hanging around the trend line support around $19.50 levels at the moment. Furthermore, the fibonacci 0.786 support is also around the same levels and the metal should resume rally soon towards $20.40 initially. Recommendations are to remain long for now, risk remains just below $19.00 levels.

2. Support is at $19.00, followed by $18.75, and lower, while resistance is at $20.40 (intermediary), followed by $21.70/80, $22.30 and higher up respectively.

3. The structure indicates that Silver remains in control of bulls till prices remain above $19.00 levels. Only a break below $19.00 would be encouraging to bears.

Trading recommendations:

Remain long, stop is at $19.00, target is open.

Good luck!