Technical outlook and chart setups:
1. Silver remains vulnerable for a correction towards $19.80/$20.00 levels at least before the ongoing rally continues. $21.40 is intermediary high for now, and one can initiate short positions as aggressive setups. Risk remains above $21.60.
2. Support is seen at $20.00 levels, followed by $19.50/80, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver is also in a bull run till prices remain above the $18.60 mark.
Trading recommendations:
Remain flat or initiate short positions, stop is at $21.60, target is at $20.00.
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 18, 2014 . Thanks for your support on Technical analysis of Silver for July 18, 2014
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