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14.07.2014 05:33 AM
Technical analysis of Silver for July 14, 2014

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Technical outlook and chart setups:

1. Silver is trading at the $21.40 levels for now. It is expected to correct itself at least towards $20.00 and $19.75 levels before rallying further up. Recommendations are to remain flat for now and look to go long around the fibonacci support level as depicted here.

2. Support is seen around $19.75 (fibonacci), followed by $19.00, $18.60 and lower, while resistance is seen at $21.70, followed by $22.30 and higher up respectively.

3. The structure indicates that Silver is a clear buy on dips from here on.

Trading recommendations:

Remain flat for now. Consider to buy lower.

Good luck!

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