Overview
Silver price shows a bullish bias in an effort to breach the neckline of the double bottom pattern mentioned yesterday at 16.85. This price action is supported by stochastic positivity that appears clearly in the four-hour time frame. In case the above-mentioned level is breached, this supports our expectations of a further bullish trend in the short term. The next target is located at 17.43. Therefore, we believe that the chances are valid to trade on the rally today. My advice is supported by the EMA50, conditioned by the price stability above 16.56 level. Besides, note that breaching 17.43 will extend the bullish wave to reach 18.30 as the next main target. The expected trading range for today is between 16.56 support and 17.20 resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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