26.08.201607:44 Forex-elemzések és áttekintések: Silver Technical Analysis for August 26, 2016.

Technical outlook and chart setups:

Silver seems to have formed intermediary lows at $18.47 levels yesterday and is seen to be trading at $18.65 levels at this moment. Looking at the wave structure, there is no change and the metal still looks constructive for bulls to stage a rally from here. Please note that the metal has terminated a regular flat (a-b-c) as wave 4 consolidation. Furthermore, it has bounced from fibonacci 0.50 levels of the entire rally between $15.70 and $21.13 levels respectively. If this count holds true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The metal is expected to remain in control of bulls, till prices stay above $18.25 levels. It is hence recommended to remain long now, with stop below $18.25 levels. Immediate resistance is seen at $19.00/10 levels, while support is at $18.25 levels respectively.

Trading recommendations:

Remain long for now, stop below $18.25, target $20.80 and above $21.13.

Good luck!