Technical outlook and chart setups:
Silver is seen to be trading at $20.25 levels for now, after having made highs at $20.50 levels earlier. Please make note that Silver is soon approaching resistance at $20.80/90 levels or it has already reversed from interim highs at $20.50 levels. There might be one last leg rally left before reversing sharply lower for the August series. Silver is vulnerable to dropping towards $18.00 levels as long as the price stays below $21.13 levels. The wave structure also indicates that a flat is underway and the metal is expected to turn lower from around $20.50/80 levels. It is recommended to remain flat for now and look to go short at higher levels; aggressive traders may remain long with risk below $19.25 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.
Trading recommendations:
Remain short from $20.50 levels, stop above $21.13, target is lower
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com