FX.co ★ Technical analysis of Silver for October 14, 2014

Technical outlook and chart setups:

Silver is trading just below the resistance level ($18.00 levels), around $17.50 for now. Please note that the metal is trading in the sell zone of outer resistance line and still needs to be pushed through $18.40/50 levels to instill further confidence into the bullish setups. It is recommended to remain long for now, risk remains at $16.60. Immediate resistance is seen at $18.00 levels, followed by $18.70/80 and higher up while support is seen at $16.60 respectively. Bulls have managed to break out of immediate line of resistance for now and a further push towards $18.40 remains possible.

Trading recommendations:

Remain long for now, stop at $16.40, target is open.

Good luck!