Silver price broke 17.43 level and settled with a daily close below it. This stops the recently suggested bullish scenario and puts the price under the negative pressure on the short-term basis, paving the way towards 16.56 as the next key target. Therefore, the bearish trend will remain valid in the short term. This is supported by the negative pressure formed by the EMA50. Please note that breaching 17.43 followed by 17.60 will stop the expected decline and lead the price to regain its main bullish track again. The expected trading range for today is between 17.10 support and 17.45 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Silver price broke 17.43 level and settled with a daily close below it. This stops the recently suggested bullish scenario and puts the price under the negative pressure on the short-term basis, paving the way towards 16.56 as the next key target. Therefore, the bearish trend will remain valid in the short term. This is supported by the negative pressure formed by the EMA50. Please note that breaching 17.43 followed by 17.60 will stop the expected decline and lead the price to regain its main bullish track again. The expected trading range for today is between 17.10 support and 17.45 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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