FX.co ★ Technical analysis of Silver for August 29, 2014

Technical outlook and chart setups:

1. Silver rally stalled yesterday at the $19.90 level. The metal is seen to be trading at the $19.50 level for now, and it is expected to resume rally higher, taking out the $20.20 level. It is recommended to remain long for now, risk remains below $19.00.

2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20/30, followed by $20.80, $21.70 and higher respectively.

3. The structure indicates that Silver remains constructive for bulls till prices remain above the $19.00 levels.

Trading recommendations:

Remain long, stop below $19.00, target is open.

Good luck!