FX.co ★ Technical analysis of Silver for Aug 28, 2014

Technical outlook and chart setups:

1. Silver is probably on its way towards new highs from the current price action around $19.65/70. The metal has formed base at the $19.30/32 levels so far and the next leg higher is resumed now. Upside potential remains at least up to the $23.30 level in the coming weeks.

2. Support is seen at $19.30 (interim), followed by $19.00, $18.60 while resistance is seen at $20.30, followed by $21.30/70, $22.00 and higher respectively.

3. The structure indicates that Silver remains in control of bulls till prices stay above the $19.00/30.00 levels.

Trading recommendations:

Remain long, stop below $19.00, the target is open.

Good luck!