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

Technical outlook and chart setups:

1. Silver prints lows just below the $19.00 levels and pulls back sharply as seen here. The metal has also produced an engulfing bullish candlestick signal, indicating a bullish reversal ahead. Recommendations are to still buy on dips, risk remains at $18.40.

2. Support is at $18.75, followed by $18.00 levels, while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver could dip towards $19.30 levels first before continuing to rally further up. Buying on dips is favored still.

Trading recommendations:

Initiate 50% long positions now and the remaining at $19.30, stop is at $18.40, target is open.

Good luck!