FX.co ★ Technical analysis of Silver for July 04, 2014

Technical outlook and chart setups:

1. Silver is trading around $21.10 levels for now and has probably resumed pullback/retracement towards $20.00 and $19.65 levels. Please note that the metal would remain supported at the back side of the resistance line for now. Recommendations are to remain short, risk remains above $21.50/60.

2. Support is seen at $20.00 (fibonacci), followed by $19.50, $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher up.

3. The structure indicates that Silver remains vulnerable for a corrective dip which seems to be begun yesterday. $21.30 remains intermediary top.

Trading recommendations:

Remain short, stop at $21.50/60, target is $19.60.

Good luck!