12.06.201409:39 Forex Analysis & Reviews: Technical analysis of Silver for June 12, 2014

Long-term review

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Technical recommendations and chart setups:

1. Silver seems to be nearing resistance around $19.40/50 levels. Please note that fibonacci 0.618 resistance is passing through $19.47/50 levels and a bearish reaction could be expected if prices manage to reach there. Recommendations are to remain flat for now and look to sell higher.

2. Support is seen at $18.60 (interim), followed by $18.20, and lower while resistance is seen at $19.90/20 levels, followed by $20.40, $21.70 and higher respectively.

3. The structure indicates that Silver would be bearish till prices stay below $19.90/20.00 levels.

Trading recommendations:

Remain flat for now. Look to sell higher.

Good luck!

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