FX.co ★ Technical analysis of Silver for Aug 18, 2014

Technical outlook and chart setups:

1. Silver is possibly forming the bottom around the $19.50 levels as seen here. Please, note that the metal is in between fibonacci 0.618 and 0.786 support levels of the rally between $18.60 and $21.60. A bullish reversal is a high probability at the current levels.

2. Support is seen at $19.40, followed by $19.00, $18.60 and lower, while resistance is seen at $20.10/20 (interim), followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver is looking higher up.

Trading recommendations:

Remain long, stop below $19.40, target is open.

Good luck!