Technical outlook and chart setups:
1. Silver is attempting to rally again and take out immediate resistance at $19.90 levels before a meaningful retracement occurs. Please note that bulls remain in control for now but at least $19.90/$20.00 levels need to be taken out to confirm further upside. Recommendations are to remain flat OR aggressively long (positions taken earlier).
2. Support is seen at $18.90, followed by $18.75 and lower while resistance is seen at $19.90/$20.00, followed by $20.40/50, $21.70 $22.30 and higher up respectively.
3. The structure indicates that Silver could probably change the trend; but $19.90/ $20.00 resistance must break on the minimum side. The metal can be bought on dips thereafter.
Trading recommendations:
Remain flat OR aggressively long from last week (till $20.00).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Silver for May 06, 2014 . Thanks for your support on Technical analysis of Silver for May 06, 2014
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