FX.co ★ Technical analysis of Silver for January 16, 2014.

Technical outlook and chart setups:

1. Silver has taken out the $20.50 resistance, as expected. It is recommended to hold on to long positions taken earlier and also add further on dips.

2. Immediate resistance is at $21.00, followed by $22.00, while support is at $19.40/50, followed by $19.00/10 and $18.75 respectively.

3. The structure reveals that Silver should be heading towards $23.20/30 and $21.70/80, after a possible pullback. It is quite possible that a meaningful higher bottom is in place at $18.70/75.

Trading recommendations:

Hold on to long positions, stop at $18.60, target is at $21.70.

Good luck!