Technical analysis of Silver for Aug 25, 2014



Technical outlook and chart setups:
1. Silver seems to have formed base at $19.30 levels last week, and should resume rally from current price of $19.43/45. Please note that the metal is just shy of the fibonacci 0.786 support level ($19.26). 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 $20.10 (interim), followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver rally from current levels remains highly probable.

Trading recommendations:
Remain long, stop below $19.00, target is open.

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