17.03.201407:39 Forex Analysis & Reviews: Technical analysis of Silver for March 17, 2014.

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Technical outlook and chart setups:

1. Silver rallied past the $21.70 mark taking out stops. It is recommended to remain flat for now, though the metal looks vulnerable to resume the fall. Please note that the metal has bounced off the 0.382 fibonacci support for now.

2. Immediate resistance is the $23.00 mark, followed by $23.50, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively.

3. The structure reveals that Silver still has room for forming a bottom. Levels of interest is the 0.618 fibonacci retracement at $20.00, to initiate long positions.

Trading recommendations:

Remain flat for now. Look to go long around $20.00.

Good luck!

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