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    GBP/JPY Wave Analysis for July 9, 2012


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    Technical outlook and chart setups:

    Silver is seen to be trading around the levels of $14.75/77 at the moment, after having touched $14.90 yesterday. The metal is still expected to push higher through the levels of $15.00 and $15.30 respectively. Please note that the metal has pushed through the trend-line resistance (interim), and its 50-day moving average for now. It is recommended to hold long positions with risk at the level of $14.25 . Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower while resistance is seen at $15.00 followed by $15.30 (fibonacci), $15.90/$16.00, and higher.

    Trading recommendations:

    Remain long for now, stop is at $14.25, a target $15.30

    Good luck!


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