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Technical analysis of Silver for October 21, 2014


Technical outlook and chart setups:


Silver has been trading between $17.20 and $17.50 levels for a few days now. It is quite possible that the metal will re-tests the lows at sub $17.00 levels before rallying towards fresh high above $18.00. Resistance is seen at $17.80 (interim), $18.00, $18.80 and higher, while support is seen at $17.00 levels, followed by $16.60/70 and lower respectively. It is recommended to remain long for now and also look to buy further at lower levels. A push above $18.00 could see prices extending further up towards $18.80 and higher since the outer trend line resistance could be broken. On the flip side, only a break below $16.60/70 would delay matters.


Trading recommendations:


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


Good luck!


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