Silver traded with a clear positive tendency yesterday, but the price found a strong resistance formed by 61.8% Fibonacci correction at the level of 16.30, which forced the price to bounce lower and return within the symmetrical triangle shown in the image. It is pointing out that stochastic has got rid of its negativity and approaches from the oversold levels to support the chances of bouncing higher and resuming the positive attempts again. Therefore, the bullish trend will remain preferable in the upcoming period if the price is settled above the 15.40 level. Our main long-awaited target is located at 16.85. Expected trading range for today is between the 15.40 support and 16.85 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Silver traded with a clear positive tendency yesterday, but the price found a strong resistance formed by 61.8% Fibonacci correction at the level of 16.30, which forced the price to bounce lower and return within the symmetrical triangle shown in the image. It is pointing out that stochastic has got rid of its negativity and approaches from the oversold levels to support the chances of bouncing higher and resuming the positive attempts again. Therefore, the bullish trend will remain preferable in the upcoming period if the price is settled above the 15.40 level. Our main long-awaited target is located at 16.85. Expected trading range for today is between the 15.40 support and 16.85 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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