FX.co ★ Technical analysis of Silver for May 16, 2014

Technical outlook and chart setups:

1. Silver falls back to $19.40 levels as discussed and expected yesterday. The metal could now rally up to $19.80 levels before falling back. A break of the interim support line and $19.00 20/00 levels from here could be encouraging for bears and open doors for fresh lows below $18.00 levels.

2. Support is at $19.00/20, followed by $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 be on its way lower if $19.00 levels break. On the higher side $20.40 remains key for a trend reversal. 

Trading recommendations:

Remain flat for now.

Good luck!