Silver Technical Analysis for July 25, 2016.

Source: Forex Analysis

Technical outlook and chart setups:

Silver is seen to be trading
higher at $19.45 levels for now, after bottoming out around $19.35 levels during
early trading hours today. The metal should be looking to rally from here
towards at least $20.40/50 levels as depicted on hourly chart here. Bulls are
expected to remain in control for short term, before the metal carves out a
lower top ahead of $21.13 levels. Please
note that a meaningful top is already in place at the $21.13 levels and is expected to move lower
till prices stay below. The wave structure also indicates that a flat is
underway and one should find Silver turning lower from around $20.50/80 levels.
It is recommended to remain flat for now and look to go short at higher levels;
aggressive traders may remain long with risk below $19.25 levels. Immediate
interim support is seen at the $19.20 levels, while resistance is at the $21.13 levels
respectively.

Trading recommendations:

Aggressive traders may remain
long, stop below $19.25. Conservative traders look to go short at $20.50/80
levels.

Good luck!

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