Technical analysis of Silver for October 19 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has reached a higher low around the level of $15.80 and is looking for an opportunity to move higher towards at least $16.40/50. Please note that the metal is bouncing off the wedge support around $15.80 indicating a bullish bounce from current levels. The metal might have already reversed as prices stay above the levels of $14.00. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at $15.50 followed by $15.00, $14.00, and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.

Trading recommendations:

Remain long, stop is set at $14.00, a target is open. Long-term setups.

Good luck!

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