Silver price fluctuates around the 17.65 level. Importantly, stochastic gains the positive momentum gradually reaching the oversold areas, and having a closer look at the chart, we find that the price is drawing an inverted head and shoulders’ pattern that appears on the minor image, which means breaching 17.80 level will activate the positive effect of this pattern, followed by pushing the price to achieve more gains in the upcoming period. Therefore, these factors encourage us to keep our bullish overview on the intraday and short term basis, accroding to which the main target begins at 18.30 and extends to 19.38, while its continuation is possible only if the price holds above 17.43. The expected trading range for today is between 17.30 support and 18.30 resistance.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
Silver price fluctuates around the 17.65 level. Importantly, stochastic gains the positive momentum gradually reaching the oversold areas, and having a closer look at the chart, we find that the price is drawing an inverted head and shoulders’ pattern that appears on the minor image, which means breaching 17.80 level will activate the positive effect of this pattern, followed by pushing the price to achieve more gains in the upcoming period. Therefore, these factors encourage us to keep our bullish overview on the intraday and short term basis, accroding to which the main target begins at 18.30 and extends to 19.38, while its continuation is possible only if the price holds above 17.43. The expected trading range for today is between 17.30 support and 18.30 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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