FX.co ★ Technical analysis of Silver for June 11, 2014

 Technical outlook and chart setups:

1. Silver has rallied through the $19.20/30 levels as expected for now. The metal is testing the resistance line at the moment just shy of $19.40 levels. Please also note that $19.40 is the fibonacci 0.618 resistance of the fall between $19.90 and $18.60 levels. Recommendations are to remain flat for now and sell higher after a bearish reaction.

2. Support is seen at $18.50/60 (interim), followed by $18.20 and lower, while resistance is seen at $19,40, followed by $19.90/$20.00, $21.70 and higher respectively.

3. The structure indicates that Silver needs to break $19.90/20.00 levels at least to turn bullish. Till then selling rallies should be favored.

Trading recommendations:

Look to sell around $19.40/50 levels on a bearish reaction.

Good luck!