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Silver Technical Analysis for July 20, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $19.76 levels for now, looking to form an interim bottom soon. The metal can form the bottom between $19.50 and $19.70 levels before rallying higher. Please note that the expected rally could still be corrective in nature and prices
should remain below $21.13 levels. The wave structure indicates
that a meaningful top might have been already formed at $21.13 levels and that bears
should remain in control till prices stay below that. It is recommended to take
short-term profit on short positions now and remain flat. We shall look for opportunities to go short again at higher levels (ahead of $21.13). Immediate
interim support is seen at $19.20 levels, while resistance is at $21.13 levels
respectively.

Trading recommendations:

Book short-term profits on the short
positions taken earlier and remain flat.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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Silver Technical Analysis for July 20, 2016. Reviewed by on . Technical outlook and chart setups:Silver is seen to be trading at $19.76 levels for now, looking to form an interim bottom soon. The metal can form the bottom Technical outlook and chart setups:Silver is seen to be trading at $19.76 levels for now, looking to form an interim bottom soon. The metal can form the bottom Rating:
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