The silver price remains stable above the bearish channel’s resistance level, and therefore the chances for resuming the bullish correctional trend, which depends on the stability above the 14.50 level, remain valid. However, it is important to be aware that stochastic and the EMA50 are negative, which makes the price rise difficult. The metal has provided some slight positive attempts to stay stable above 14.50 level since morning, therefore, the bullish trend scenario remains valid and active for today, waiting for breaching the 14.85 level to extend the bullish wave towards 15.85 then 16.30. Note that breaking the 14.50 level will stop the current rise and put the price under the negative pressure again.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The silver price remains stable above the bearish channel’s resistance level, and therefore the chances for resuming the bullish correctional trend, which depends on the stability above the 14.50 level, remain valid. However, it is important to be aware that stochastic and the EMA50 are negative, which makes the price rise difficult. The metal has provided some slight positive attempts to stay stable above 14.50 level since morning, therefore, the bullish trend scenario remains valid and active for today, waiting for breaching the 14.85 level to extend the bullish wave towards 15.85 then 16.30. Note that breaking the 14.50 level will stop the current rise and put the price under the negative pressure again.
The material has been provided by InstaForex Company – www.instaforex.com
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