Technical analysis of Silver for July 28, 2014



Technical outlook and chart setups:

1. Silver continues to retrace lower towards $20.00 and $19.60 levels for now. The metal is a clear buy on dips on the longer run but needs to correct a little further than current levels. Recommendations are to buy on dips.

2. Support is seen at $19.60, followed by $19.00, $18.60 and lower while resistance is seen at $21.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver needs to correct further towards $19.60 levels before bulls take back control.

Trading recommendations:

Remain flat for now. Buy on dips around $19.60.

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