Technical analysis of Silver for July 30, 2015

Technical outlook and chart setups:

Silver is seen to be trading around the levels of $14.75/77 at the moment, after having touched $14.90 yesterday. The metal is still expected to push higher through the levels of $15.00 and $15.30 respectively. Please note that the metal has pushed through the trend-line resistance (interim), and its 50-day moving average for now. It is recommended to hold long positions with risk at 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.

Trading recommendations:

Remain long for now, stop is at $14.25, a target $15.30

Good luck!

The material has been provided by InstaForex Company –