Technical outlook and chart setups:
1. Silver has also been trading within a range between $19.30/40 and $19.70/80 for couple of days. Currently trading at $19.60/65 levels, the metal is expected to rally further high. Minimum implications are $20.40/50 levels from here, which would confirm that bulls are back again. Recommendations are to remain long for now, risk remains just below $19.00 levels.
2. Support is seen at $19.00 followed by $18.75 and lower, while resistance is at $20.40 followed by $21.70/80, $22.30 and higher up, respectively.
3. The structure indicates that Silver remains in control of bulls till prices stay above 19.00 levels. A bullish trend reversal is still possible if the metal stays above $19.00 levels.
Trading recommendations:
Remain long for now, stop 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 18, 2014 . Thanks for your support on Technical analysis of Silver for April 18, 2014
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