FX.co ★ Technical analysis of Silver for October 22, 2014

Technical outlook and chart setups:

Silver is still trading between $17.20 and $17.50/60 as seen here. The metal could be looking to form base around $17.00 levels before resuming rally. As seen here, an engulfing bullish candle was confirmed at $16.60/70 levels earlier and the bullish reversal should hold for now. Support is seen at $17.00, followed by $16.60/70 and lower while resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up respectively. It is still recommended to hold long positions and add further on dips since bulls should remain in control till prices remain above $16.60/70 in the sessions to come.

Trading recommendations:

Remain long, stop at $16.40, the target is open.

Good luck!