Technical outlook and chart setups:
1. Silver is seen to be topping out around the $21.20 handle at the moment. A dip is expected through the $19.50-$20.00 levels at least, if not lower (potential low cannot be ruled out though). Remain short, risk remains around $21.50/60.
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 up.
3. The structure indicates that Silver may at least retrace/correct itself towards $19.50 levels. The resistance turned support line is also seen to be passing there.
Trading recommendations:
Remain short, stop at $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 July 02, 2014 . Thanks for your support on Technical analysis of Silver for July 02, 2014
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