06.05.201411:15 Forex Analysis & Reviews: Technical analysis of Silver for May 06, 2014

Long-term review

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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!

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