Technical outlook and chart setups:
Silver has been in a broad consolidation range since June 2013 as depicted on the weekly chart view here. The consolidation type has been decreasing resistance ( $25.10, $22.70, $21.60) and constant support ( $18.20/50). Normally such consolidation ranges break lower, hence it is recommended to enter long positions only after confirmed reversal signal appearance around the support levels. The metal is currently trading at $18.69 levels and might be preparing to produce bullish reversal signal. Please note that support is at $18.20/50 while resistance begins from $20.00 levels.
Trading recommendations:
Flat for now, looking to initiate long positions on reversal.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for September 16, 2014 . Thanks for your support.
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