FX.co ★ Technical analysis of Silver for Aug 11, 2014

 Technical outlook and chart setups:

1. Silver pulls back after printing highs around 20.10 last week. It looks to be bouncing off around current levels around $19.80/90 levels at the moment. A reversal here could see an upside extension of at least $20.90 levels.

2. Support is seen at $19.70 levels, followed by $19.40 and lower while resistance is seen at $20.80/90, followed by $21.20/30 and higher respectively.

3. The structure indicates that Silver is ready to rally again and print higher highs towards $21.00 levels.

Trading recommendations:

Initiate long positions again, stop at $19.40, target is open.

Good luck!