Technical analysis of Silver for September 18, 2014



Technical outlook and chart setups:
Silver remains in control of the bears, around $18.50 levels for now, as depicted here on the weekly chart view. As seen here, the support line of the overall consolidation is passing through the current levels and it is a make or break situation around $18.20/50 levels. RSI is hinting towards a potential bullish divergence at 34.00 levels (not seen here). A bullish reversal at current levels should be extremely favorable for bulls. Immediate support is at $18.20 while immediate resistance is the $18.80/90 level, followed by $19.90 respectively.It is yet recommended to remain flat and await a reaction here on the support line of consolidation.

Trading recommendations:
Remain flat for now, look to go long on confirmation.


More analysis - at instaforex.com