10.07.201509:38 Forex Analysis & Reviews: Technical analysis of Silver for July 10, 2015

Long-term review

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Technical outlook and chart setups:

Silver is seen to be trading around $15.44 at the moment looking for an opportunity to be pushed through $15.95 in a couple of trading sessions. The metal has formed a potential double bottom around $14.66, and a push through $15.95 and $16.44 should indicate that it is on its way to create higher highs and higher lows. Furthermore, the pair has formed a morning star candlestick pattern on the daily chart which also indicates a potential reversal. Aggressive traders could initiate long positions now with risk around $14.25 while a more conservative trade setup would be to buy on dips after a break of $15.95. Immediate support is seen at $14.60 while resistance is seen at $15.95 and higher respectively.

Trading recommendations:

Initiate long positions, stop at $14.25, a target is open. Or wait for a break of $15.95 and buy on dips.

Good luck!

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