Technical outlook and chart setups:
1. Silver is bouncing off the $19.50 levels which is the back side of resistance turned support line as seen here. A push above the $20.00 mark would more or less confirm that bulls want to stay for long and $20.40 would remain immediate target.
2. Support is seen at $19.50 (interim), followed by $19.00, $18.50/60, $18.20 and lower while resistance is at $20.40, followed by $21.70 and higher respectively.
3. The structure indicates that Silver is bearish below $20.40. A break there would change the trend to bullish.
Trading recommendations:
Remain flat for now. Watch for a reaction at the $20.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Silver for June 18, 2014 . Thanks for your support on Technical analysis of Silver for June 18, 2014
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