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Technical analysis of Silver for October 07, 2014


Technical outlook and chart setups:


Silver is seen to have bounced off yesterday's lows, from around $16.60/70 levels. The metal has produced an engulfing bullish candlestick signal as seen on the daily chart view presented, indicating that the next big move could be higher up. Trading at $17.30/40 levels at present, the metal is expected to reverse down trend. Immediate support is at $16.60/70 levels, while resistance is seen at $20.00 and higher respectively. It is recommended to initiate long positions now, risk remains at $16.60/70. A break of $18.50, and subsequently $20.00/50 would be encouraging for the bulls.


Trading recommendations:


Initiate long positions now, stop at $16.40, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com