Overview
The silver price did not manage to confirm a break of the key support at 13.96 yesterday and to show some sideways trading that made stochastic lose its positive momentum. The EMA50 forms a negative factor that we are waiting to motivate the price to break the mentioned level, which will open the way towards the levels of 13.50 and then 13.00. The silver price continues offering sideways movements and tight trading settling below the EMA50. Meanwhile, stochastic starts touching the overbought areas. So we believe that the chances to resume the expected bearish trend on an intraday and short-term basis are valid. Its targets begin by breaking the 13.96 level to open the way to the 13.50 and 13.00 levels, reminding you that it is important to hold below 14.85 to achieve the suggested targets.
The material has been provided by InstaForex Company - www.instaforex.com