23.05.201410:00 Forex Analysis & Reviews: Technical analysis of Silver for May 23, 2014

Long-term review

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Technical outlook and chart setups:

1. Silver is seen to be trading around $19.45 levels for now, well above its support at $19.00. The metal is consolidating since last several trading sessions between the $20.00 and $19.00 levels. A break out on either direction is required to confirm the next trade direction. At the moment, recommendations are to remain long, risk below $18.75 or remain flat and await breakout.

2. Support is seen at $19.00, followed by $18.90, $18.75 and lower while resistance is $20.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver might be biased towards a bullish breakout above $20.50 on immediate basis.

Trading recommendations:

Remain long, stop below $18.75, target is open.

Good luck!

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