FX.co ★ Technical analysis of Silver for January 27, 2014.

Technical outlook and chart setups:

1. The metal is retracing towards $19.00/50.00 levels before resuming its next bull run. Recommendations are to remain flat for now and look to go long again at sub $19.00 levels.

2. Immediate resistance is above the $21.00 level, while supports are at $19.40/50, followed by $19.00/10, $18.75 and lower respectively.

3. The structure reveals that a meaningful bottom could be in place at sub $18.00/50 levels in December 2013. A dip towards $19.00/50 levels should complete the corrective phase and resume the next bull run towards $21.00/22.00 and higher.

Trading recommendations:

Remain flat for now, look to buy towards $19.00/50.00, stop is at $18.00, target is open.

Good luck!