05.08.201503:40 Forex Analysis & Reviews: Technical analysis of Silver for August 05, 2015

Long-term review

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Technical outlook and chart setups:

Yesterday, silver tested the level of $14.40 again before bouncing back off towards its 50-day moving average as seen here. The metal might be forming a possible double bottom, which would be confirmed after prices break above $15.00. It is recommended to remain long with risk around the level of $14.25. Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.00 followed by $15.30 (fibonacci), $15.90/16.00, and higher. A break above the level of $15.00 could confirm a meaningful bottom formation around the level of $14.40.

Trading recommendations:

Remain long for now, stop is at $14.25, a target is open.

Good luck!

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