Technical outlook and chart setups:
1. Silver is still expected to correct lower towards $19.60 and sub $20.00 levels as depicted here. Please, note that $19.90 is the fibonacci 0.618 support level of the entire rally between $18.60 and $21.40/50. Recommendations are to buy on dips for now.
2. Support is seen at $20.00 (fibonacci), followed by $19.50/60, $18.60 and lower while resistance is seen at $21.40/70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver remains buy on dips. Levels of interest is $19.90/$20.00.
Trading recommendations:
Remain flat for now. Look to buy towards $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 29, 2014 . Thanks for your support on Technical analysis of Silver for July 29, 2014
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