Technical analysis of Silver for Aug 21, 2014

Technical outlook and chart setups:

1. Silver dips to the $19.31 levels today, this was a possibility discussed earlier. The current level is fibonacci 0.786 support of the rally between $18.60 and $21.70. A bullish reversal here would keep the uptrend intact for the metal.

2. Support is seen at $19.00, followed by $18.60, while resistance is seen at $20.00, followed by $21.20, $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver is expected to rebound from the current levels.

Trading recommendations:

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

Good luck!