FX.co ★ Silver Technical Analysis for August 03, 2016.

Technical outlook and chart setups:

Silver has finally $20.80 levels yesterday as expected and discussed earlier. The metal is trading at $20.60 levels at this moment and looks to have completed its counter trend rally that began from sub $19.00/20 levels earlier. If the above wave count holds true and Silver fails to break above $21.13 levels, it should drop lower towards $18.00 levels going forward. Please note that the metal needs to break below $20.30 levels at least to confirm further bearish structure. The wave structure also indicates that a flat is now complete and the metal is expected to turn lower from current levels. It is recommended to remain short now, with risk above $21.13 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!