Technical outlook and chart setups:
1. Silver might just have formed bottom yesterday at $19.30 levels as seen here. The metal has bounced of to intraday highs near $19.60 and is still expected to continue higher from here. Bulls should remain in control from here on.
2. Support is seen at the $19.00 levels, followed by $18.60 and lower, while resistance is seen at $20.10 (interim), followed by $20.80.$21.00, $21.70 and higher up respectively.
3. The structure indicates that Silver might have resumed the larger trend that is higher. A push through $20.10 levels would confirm. Trading recommendations: Remain long, STOP LOSS CLOSING BELOW $19.20, TARGET IS OPEN. IST 04.24 PM DATE 22 AUGUST 2014
1. Silver might just have formed bottom yesterday at $19.30 levels as seen here. The metal has bounced of to intraday highs near $19.60 and is still expected to continue higher from here. Bulls should remain in control from here on.
2. Support is seen at the $19.00 levels, followed by $18.60 and lower, while resistance is seen at $20.10 (interim), followed by $20.80.$21.00, $21.70 and higher up respectively.
3. The structure indicates that Silver might have resumed the larger trend that is higher. A push through $20.10 levels would confirm. Trading recommendations: Remain long, STOP LOSS CLOSING BELOW $19.20, TARGET IS OPEN. IST 04.24 PM DATE 22 AUGUST 2014