30.06.201405:02 Forex Analysis & Reviews: Technical analysis of Silver for June 20, 2014

Long-term review

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Technical outlook and chart setups:

1. Silver has produced an engulfing bearish candlestick pattern indicating that the next probable move is lower from here on. Minimum expectations are towards the $19.00 levels, which is also the resistance turned support line.

2. Support is seen at $19.00/50 levels, followed by $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher up respectively.

3. The structure indicates that Silver is bearish for short term, towards $19.00/50 levels and then bullish.

Trading recommendations:

Turn bearish for now, risk above $21.50, target is open.

Good luck!

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