FX.co ★ Technical analysis of Silver for February 07, 2014.

Technical outlook and chart setups:

1. There is no change in Silver for now. Comfortably trading around $19.70/80 levels at the moment, it is recommended to hold long positions taken early this week, risk remains at $18.75. It is quite possible that the metal drifts between $19.20/30 and $20.00 before breaking higher.

2. Immediate support is at $19.00 (intermediary), followed by $18.75, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.

3. The structure indicates that Silver may have formed a major bottom at $18.00/75.00 levels and the next leg should be higher towards $21.00/$22.00 from here on.

Trading recommendations:

Remain long, stop is at $18.50, target is open.

Good luck!