Silver price has been able to reach our expected target at 16.56 and has settled near it. This level forms solid resistance that might force the price to show some temporary bearish rebound before resuming the positive bias again. The EMA50 hits the mentioned level to add more strength to it, while stochastic is showing overbought signals now. Therefore, we prefer a cautious approach until we get a clearer signal for the next trend. The pair is expected to breach one of the key levels represented by 16.56 resistance and 16.20 support to confirm the next destination. Please note that breaching the mentioned resistance will extend silver price gains to reach 17.43 on the near-term basis, while breaking the support will push the price to test 15.49 areas before any new positive attempt. The expected trading range for today is between 16.20 support and 16.60 resistance.
The material has been provided by InstaForex Company – www.instaforex.com