FX.co ★ Technical analysis of Silver for February 12, 2014.

Technical outlook and chart setups:

1. Silver continues to trade within the discussed range of $19.00 and $20.00 respectively. A push above $20.50 is required to accelerate higher towards sub $22.00 and $24.00 levels. It is still recommended to remain long and also look to buy on dips towards range bottom.

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

3. The entire structure remains constructive for bulls and one can see a probable inverted head and shoulder formation. $19.00 is the measured right shoulder formed. Prices should break higher towards $22.00 and $24.00 levels.

Trading recommendations:

Hold long positions, stop is at $18.50 and target is open.

Good luck!