Silver price is set to decline, but is still stable around 16.00 level, while stochastic is reaching the overbought area now. To gain downward momentum, we expect the price to resume the bearish bias in the upcoming period with the main target level of 15.49 which will be tested. Therefore, we still suggest the bearish trend on the intraday and short-term basis, supported by the EMA50, unless the price manages to rally upwards to breach 16.56 level and hold with a daily close above it. The expected trading range for today is between 15.90 support and 16.20 resistance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Hossam Soliman Ali,
InstaForex Group © 2007-2017
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