Technical outlook and chart setups:
1. Silver is showing quite resilience in holding the $21.40/50 levels as seen here. None the less, prices should come under pressure and move towards $20.50 soon. It is recommended to buy on dips from here on.
2. Immediate resistance is $22.00, while supports are spread through $20.50 (past resistance turned support), followed by $19.00 and lower respectively.
3. The structure clearly indicated that Silver has turned bullish and any correction should be bought. $20.50 is level of interest, which is also the past resistance turned support.
Trading recommendations:
Remain flat for now. Look to buy lower.
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 February 20, 2014. . Thanks for your support on Technical analysis of Silver for February 20, 2014.
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