Technical outlook and chart setups:
1. Silver breaks out of the resistance line and also takes out immediate resistance at $20.40 levels as seen here. A dip is expected from current levels towards $19.50/20.00 levels from here, before rallying further up. Also note that the resistance line is now turned into support.
2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver needs to correct lower before rallying further up.
Trading recommendations:
Flat for now. Look to buy lower.
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 23, 2014 . Thanks for your support on Technical analysis of Silver for June 23, 2014
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