Technical analysis of Silver for Aug 15, 2014

Technical outlook and chart setups:

1. Silver has retraced/pulled back towards the $19.60 levels just a while back and is pulling back again, trading around $19.75 levels at the moment. The metal is seen to be bouncing off between the fibonacci 0.618 and 0.786 support levels. Recommendations are to initiate long positions now, risk remains below $19.40.

2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $21.50, followed by $21,70, $22.30, and higher respectively.

3. The structure indicates that Silver could turn higher from the current levels, remain long.

Trading recommendations:

Initiate long positions now, stop below $19.40, target is open.

Good luck!

The material has been provided by InstaForex Company -