FX.co ★ Technical analysis of Silver for April 22, 2014

Technical outlook and chart setups:

1. Silver tests $19.20/30 levels and pulls back again. If this holds true, the metal can very well resume printing higher highs and higher lows from here on.The bulls would want to target $20.40/50 levels immediately and declare that they are back again. Recommendations are to hold long positions for now, risk is just below the $19.00 levels.

2. Support is at $19.00 followed by $18.75 and lower, while resistance is at $20.40/50 (intermediary) followed by $21.70/22.30 and higher up, respectively.

3. The structure indicates that Silver can resume its upswing any time soon till prices remain above $19.00 levels. Once the $20.40/50 is taken out, it is confirmed that bulls have regained control back.

Trading recommendations:

Remain long, stop below $19.00, target is open.

Good luck!