Technical outlook and chart setups:
1. Silver is about to accelerate its corrective fall towards $20.00 and $19.60 levels. As seen here, an engulfing bearish candlestick signal is being produced on 4H chart indicating that the next move could be lower.
2. Support is seen at $20.00, followed by $19.60, $18.60 and lower, while resistance is seen at $21.40/50, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver is to buy on dips around $19.60.
Trading recommendations:
Remain flat for now. Look to go long around $19.60.
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 21, 2014 . Thanks for your support on Technical analysis of Silver for July 21, 2014
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