14.07.201503:59 Forex Analysis & Reviews: Technical analysis of Silver for July 14, 2015

Long-term review

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Technical outlook and chart setups:

Silver remains virtually unchanged from yesterday. It is trading at the level of $15.43 at the moment. The metal could still drop lower to the levels of $15.15/18, before resuming its rally towards $16.40/50 and higher respectively. Please also note that the levels of $15.15/18 are also fibonacci 0.618 support of the rally between $14.66 and $15.88 respectively. It is recommended to initiate fresh long positions around $15.20 on a bounce, with risk at $14.25 respectively. Immediate support is seen at the levels of $14.50/60 followed by $14.25 and lower while resistance is seen at the levels of $16.40/50 followed by $17.20 and higher respectively.

Trading recommendations:

Remain long and also add fresh positions around $15.15/20 levels, stop is at $14.25, a target is open.

Good luck!

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