Technical outlook and chart setups:
1. Silver is seen to be trading in a falling wedge pattern on the weekly chart view presented here. A metal is formed constant supports around sub $18.00/20 levels as seen here. A break below $18.20 could be extremely bearish and push the metal through $17.00 and $16.00 levels respectively. Recommendations are to remain flat for now and await for a reaction here.
2. Support is at $18.00/20, followed by $17.00, while resistance is at $20.00, followed by $21.70, $22.30 respectively.
3. The structure indicates that Silver would bounce back if sub $18.00 levels hold. On the flip side, the metal could still form a lower low before reversing.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Silver for June 02, 2014 . Thanks for your support on Technical analysis of Silver for June 02, 2014
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