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03.04.2014 09:09 AM
Technical analysis of Silver for April 03, 2014.

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Technical outlook and chart setups:

1. Silver finally shows concrete signs of having bottomed out around $19.50 now. Yesterday the metal rallied past the $20.00 levels comfortable. It is expected to continue the rally in coming sessions. The chart view here shows a concrete bullish reversal signal. Recommendations are to remain long for now, risk remains at $19.25.

2. Resistance is at $21.70 (bulls would like to take this out now), followed by $22.30 and $23.00, while support is seen at $19.00, followed by $18.75 and lower respectively.

3.The structure remains constructive for bulls till prices remain above $19.00. $20.20/30 is immediate price target before a pullback.

Trading recommendations:

Remain long for now, set stop at $19.00, target is open.

Good luck!

Summary
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