Technical outlook and chart setups:
1. Silver is trading at the $21.40 levels for now. It is expected to correct itself at least towards $20.00 and $19.75 levels before rallying further up. Recommendations are to remain flat for now and look to go long around the fibonacci support level as depicted here.
2. Support is seen around $19.75 (fibonacci), followed by $19.00, $18.60 and lower, while resistance is seen at $21.70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver is a clear buy on dips from here on.
Trading recommendations:
Remain flat for now. Consider 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 July 14, 2014 . Thanks for your support on Technical analysis of Silver for July 14, 2014
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