FX.co ★ Technical analysis of Silver for March 25, 2014.

Technical outlook and chart setups:

1. Silver forms the bottom around $19.80/20.00 levels. An engulfing bullish candle has appeared on the 8H chart as seen here. This is indicative that the next move could be high from here. Furthermore, the region is also the convergence of fibonacci retracement and extension levels of the rising and falling swings respectively. It is therefore recommended to remain long for now.

2. The immediate support level is $19.70/80, followed by $19.00 and lower, while resistance levels are spread through $21.70/80, followed by $22.30 respectively.

3. The structure reveals that Silver corrective falls is done with and the metal is ready to push through fresh highs at $25.00 and $27.00 at least.

Trading recommendations:

Hold on to long positions, set stop at $19.25, target is open.

Good luck!