Technical analysis of Silver for July 31, 2015

Technical outlook and chart setups:

Silver is trading around $14.65/67 at the moment, looking for an opportunity to move higher towards $15.20/30 if not higher. Please note that the metal is trading in the buy zone of its immediate trend-line resistance and would make attempts to get through the outer trendline around the level of $15.30. It is recommended to remain long for now with risk at $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 (interim), followed by $15.30, $15.90, and higher respectively.

Trading recommendations:

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

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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