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Technical analysis of Silver for August 25, 2015

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Technical outlook and chart setups:

Silver has again dropped lower towards the $14.75 levels after testing resistance at the 50-day moving average on the H4 chart view. It is quite possible that the current drop receives support ahead of tthe $14.40/50 levels and resumes rally towards $16.40 in the near future. It is hence recommended to remain long and also look to add further positions with risk at the $14.40/50 levels. Immediate support is seen at the $14.40/50 levels followed by $14.00, $13.00 and lower, while resistance is seen at the $15.80 levels followed by $16.40 and higher respectively.

Trading recommendations:

Remain long, stop is at $14.40, target is open.

Good luck!

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