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Silver Forecast July 21, 2016, Technical Analysis

By:
Christopher Lewis
Published: Jul 21, 2016, 05:26 UTC

The silver markets fell slightly during the course of the day on Wednesday, as we ended up testing the $19.50 region. There is quite a bit of support

Silver daily chart, July 21, 2016

The silver markets fell slightly during the course of the day on Wednesday, as we ended up testing the $19.50 region. There is quite a bit of support below though, and quite frankly I feel that this is a market that you cannot short. There is more than enough support down at the $18 level in my opinion to continue to push this market higher. That’s essentially the “floor” in the summer market, so I believe that sooner or later the buyers will return. With this, signs of support or a bounce higher is reason enough to start going long.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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