FX.co ★ Technical analysis of Silver for May 19, 2014

Technical outlook and chart setups:

1. Silver is bouncing off ahead of $19.00 levels as seen here. The metal has kept the immediate line of support intact for now. A push above $20.00 and subsequently $20.40 from here would confirm that bulls are back in control and dips could be bought. Recommendation for now is to remain flat.

2. Support is seen at $19.20/19.00 levels, followed by $18.90, $18,75 and lower while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver needs to break below $19.00 and subsequently below $18.75 levels to confirm bearish reversal. Till then prices would want to push higher.

Trading recommendations:

Remain flat for now.

Good luck!