FX.co ★ Technical analysis of Silver for Aug 20, 2014

Technical outlook and chart setups:

1. Silver tests support around $19.40 levels as seen here and is attempting a bullish bounce here. Please note that the next potential support could be the $19.25/30 levels. A bullish reversal now would still confirm that the long term structure still remains intact. Recommendation for now is to remain long , risk below $19.00 levels.

2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $21.40/50, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver remains buy on dips but a bullish reversal signal should appear now, to confirm.

Trading recommendations:

Remain long, stop below $19.00, target is open. OR Remain flat and await for bullish signal on daily chart view.

Good luck!