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!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Silver for April 17, 2014 . Thanks for your support on Technical analysis of Silver for April 17, 2014
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