FX.co ★ Technical analysis of Silver for March 06, 2014.

Technical outlook and chart setups:

1. Silver might have formed a lower top at $21.70 or it would form at $22.00 level, before reversing lower towards $20.50/00. It is recommended to remain short and also look to sell rallies through $22.00 today. Risk remains at $22.50.

2. Immediate resistance is at $23.00, followed by $23.50 and higher up, while supports are spread through $20.50 (resistance turned support), followed by $20.00 and $19.00 levels respectively.

3 The structure reveals that bears should continue to remain in control, till prices are below $22.05/10. Levels of interest are the $20.50 and $20.00 for next long entries.

Trading recommendations:

Remain short, stop at $22.50, target at $20.50/00.

Good luck!