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02.08.201612:37 Forex Analysis & Reviews: Silver Technical Analysis for August 02, 2016.

Long-term review

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Technical outlook and chart setups:

Silver has finally inched higher today as expected and hit fresh intraday highs at $20.80 level. The metal is trading a bit lower at $20.65 level at this moment and looks to have completed its counter trend rally that began from sub $19.00 level earlier. If the above wave count holds true and Silver fails to break above $21.13 level, it should drop lower towards $18.00 level going forward. The wave structure also indicates that a flat is now complete and the metal is expected to turn lower from current price action. It is recommended to remain short now, with risk above $21.13 levels. Immediate interim support is seen at $19.20 level, while resistance is at $21.13 level respectively.

Trading recommendations:

Remain short from $20.50 levels, stop above $21.13, a target is lower

Good luck!

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