The silver price closed yesterday’s trading below 16.56 levels after the attempt to breach it. This keeps the negative pressure valid on the intraday and short-term basis; the price is likely to resume the bearish bias that targets testing 15.49 mainly. Therefore, we wait for negative trading in the upcoming sessions supported by the EMA50, being aware that a breach of 16.56 and then 16.70 levels will release the price from the current negative pressure and will help the price attempt to return to the main bullish trend. The expected trading range for today is between the 16.20 support and the 16.60 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The silver price closed yesterday’s trading below 16.56 levels after the attempt to breach it. This keeps the negative pressure valid on the intraday and short-term basis; the price is likely to resume the bearish bias that targets testing 15.49 mainly. Therefore, we wait for negative trading in the upcoming sessions supported by the EMA50, being aware that a breach of 16.56 and then 16.70 levels will release the price from the current negative pressure and will help the price attempt to return to the main bullish trend. The expected trading range for today is between the 16.20 support and the 16.60 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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