FX.co ★ Technical analysis of Silver for August 08, 2014

 Technical outlook and chart setups:

1. Silver has turned/bounced off the fibonacci 0.618 support at 19.70/80 levels as seen here. The metal is lagging behind Gold for now, but it is expected to continue printing higher highs from here on. Recommendations are to remain long and look to add more on dips.

2. Support is seen at $19.60/70, followed by $19.40/50, $18.60 and lower, while resistance is seen at 20.80, followed by $21.50/70, $22.30 and higher respectively.

3. The structure indicates that Silver continues to remain buy on dips.

Trading recommendations:

Hold on to long positions for now, stop below $19.40.

Good luck