Technical outlook and chart setups:
1. Silver is stalling around $21.00 levels for now, which is fibonacci 0.618 resistance of the fall from $22.00 to $18.60 levels. Furthermore, the metal needs to correct/retrace lower towards the resistance turned support line as shown here. Higher probability is to move lower from here.
2. Support is around $19.50 levels, followed by $19.00, $18.60, $18.00 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver could resume rally from sub $19.00 levels. A correction seems to be due.
Trading recommendations:
Remain short, Stop around $21.50, target is open.
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 27, 2014 . Thanks for your support on Technical analysis of Silver for June 27, 2014
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