Technical analysis of Silver for July 29, 2015

Technical outlook and chart setups:

Silver is trading aroundthe level of $14.70 at the moment, testing its 50-day simple moving average as seen on the H4 chart. Please note that a push through $14.80 would move the price towards $15.00, and $15.30 subsequently in coming trade sessions. It is hence recommended to remain long with risk at the level of $14.25 now. Immediate support is seen at the level of $14.40/50 followed by $14.00/25, $13.00, and lower while resistance is seen at the level of $15.00 (interim) followed by $15.30/40 (fibonacci 0.618), $15.80/90, and higher.

Trading recommendations:

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

Good luck!

The material has been provided by InstaForex Company –