31.07.201406:15 Forex Analysis & Reviews: Technical analysis of Silver for July 31, 2014

Long-term review

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Technical outlook and chart setups:

1. Silver is holding $20.40 levels for now, and probabilities are ripe for a rally into $21.00/10 before retracing further towards $19.90/$20.00 levels. The metal is just in a counter trend, and very much remains a buy on dips.

2. Support is seen at sub $20.00 levels (interim), followed by $19.60, $18.60 and lower while resistance is seen at $21.50/70, followed by $22.30 and higher respectively.

3. The structure indicates that silver remains buy on dips towards sub $20.00 levels.

Trading recommendations:

Hold on to long positions, stop at $20.10/20, target is $21.00.

Good luck!

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