FX.co ★ Technical analysis of Silver for July 29, 2014

Technical outlook and chart setups:

1. Silver is still expected to correct lower towards $19.60 and sub $20.00 levels as depicted here. Please, note that $19.90 is the fibonacci 0.618 support level of the entire rally between $18.60 and $21.40/50. Recommendations are to buy on dips for now.

2. Support is seen at $20.00 (fibonacci), followed by $19.50/60, $18.60 and lower while resistance is seen at $21.40/70, followed by $22.30 and higher up respectively.

3. The structure indicates that Silver remains buy on dips. Levels of interest is $19.90/$20.00.

Trading recommendations:

Remain flat for now. Look to buy towards $19.60.

Good luck!