08.07.201415:04 Forex Analysis & Reviews: Technical analysis of Silver for July 08, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

1. Silver is pushing higher to test recent tops printed around $21.20 levels. A failure to break higher would encourage bears to take control and push the metal lower into the $20.00's and $19.50's respectively.

2. Support is seen at $20.00, followed by $19.50/60, $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 needs to correct lower before the rally could continue further and gain momentum.

Trading recommendations:

Remain short, stop at $21.60, target is $19.50/60.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.