FX.co ★ Technical analysis of Silver for January 31, 2014.

Technical outlook and chart setups:

1. Silver has retraced to out expected levels of $19.00 as seen here. It is recommended to hold long positions taken earlier and look to add further now. Risk remains at $18.50.

2. Immediate support is at $18.50, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.

3. The entire structure reveals that a meaningful bottom is in place at $18.75 recently. The metal has also retraced towards $19.00 levels, a bullish reversal here could look to target $22.00 at least.

Trading recommendations:

Remain long, add further at current levels, stop at $18.50, target open.

Good luck!