FX.co ★ Technical analysis of Silver for October 23, 2014

Technical outlook and chart setups:

Silver re-tests support around $17.00/10 levels as expected. The metal is forming base around the same level before resuming rally towards $18.00/50 levels as depicted here. Resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up, while support is seen at $17.00, followed by $16.60/70 respectively. The outer resistance line is now passing around $18.00 levels and a push through that could trigger further bullish momentum. It is recommended to remain long, with risk around $16.60/70 levels. Only a break below $16.70 should be a worry for bulls for now.

Trading recommendations:

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

Good luck!