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Technical analysis of Silver for Aug 27, 2014


Technical outlook and chart setups:


1. Silver rallied through the $19.70 levels yesterday before pulling back sharply lower. At the moment, the metal is trading at $19.47, and is expected to rally further, completing a bullish reversal signal on the daily chart. Recommendation is to remain long, risk remains below $19.00


2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20(interim), followed by $21.20/40 and higher respectively.


3. The structure indicates that Silver remains constructive till prices are above the $19.00 levels.


Trading recommendations:


Remain long, stop below $19.00, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com