17.10.201308:17 Forex Analysis & Reviews: Silver rally to gain momentum. Remain long against 19.00-20.00

Long-term review

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Technical outlook and chart setups:

The metal has bounced off the rising trendline support, fibonacci 0.618 support and past resistance turned support area near 20.50. It is recommended to remain long from positions initiated yesterday. Immediate resistance is 22.50, followed by 23.50, 24.50 and higher; while support is 19.00 and 18.00 respectively. Furthermore, the dropping trendline resistance is passing through 22.00 at present, and a push through that shall confirm further rally towards at least the 24.00 levels. The entire structure may be unfolding into a larger downswing, which could potentially print fresh lows below 18.00; but we shall review the situation around 24.00 levels.

Trading recommendations:

Remain long in the short term, set stop at 20.00

Good luck!

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