FX.co ★ Technical analysis of Silver for May 15, 2014

 Technical outlook and chart setups:

1. Silver has hit the $20.00 levels as it was discussed yesterday.  At the moment the metal is pulling back, and support could be seen around the $19.40 levels before the rally resumes. A break below $19.20 levels would indicate that a top is in place at $20.00 now, and the metal is heading towards fresh lows. Recommendation is to exit longs and remain flat for now.

2. Support is at $19.40, followed by $19.10/20, $18.90, $18.75 and lower while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver could still be facing resistance around $20.00 levels and possibly reverse.  Another rally towards $20.40/50 would confirm the bullish setup and dips from there could be bought.

Trading recommendations:

Exit longs. Remain flat for now.

Good luck!