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Silver Remains Rangebound

Silver prices have been sideways for more than a month now as you can see in the 4H chart. The common resistance is in the 19.90-20 area, which common support was around 19, with a spike down to about 18.50.


(silver 4h chart)

Consolidation after Bearish Run:
The consolidation comes after a bearish move from the 22.17, 2014-high to about 18.50, low on the year. 

Support:
The daily chart shows that the 18.20-18.50 area is a major support going back to June 2013. 

Bullish scenario:
A break above 19.95-20 area should establish a bottom just above the aforementioned support area. This first opens up the 20.35-40 resistance and 200-day SMA. Above 20.50, we the upside opens to 22.