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    Technical analysis of Silver for July 24, 2015


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    Technical outlook and chart setups:

    Silver is trading at the level $14.60 at the moment after it tested a low of $14.50. As depicted here, the metal might be forming a potential double bottom around these levels. A break above $15.00 would confirm that the meaningful bottom is in place. Furthermore, the indicators are showing divergence at current levels, signaling that a potential pullback can take place. It is recommended to remain long with risk at $14.25, but refrain from taking fresh long positions for now. Immediate support is seen at the levels of $14.40/50 (interim) followed by $14.00, $13.00, and lower, while resistance is seen at $15.00 and higher respectively.

    Trading recommendations:

    Remain long until prices stay above $14.25.

    Good luck!


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