Overview
The silver price shows slight bearish bias approaching from the key support at 16.73. Stochastic moves in the oversold areas now, providing positive momentum we were waiting to push the price to resume the bullish bias in the upcoming period. Therefore, the bullish trend will remain valid on the intraday and short-term basis as long as the price is above the 16.73 level. The price is likely to breach the 17.35 level to confirm opening the way to target the 18.03 level as the next main station. The EMA50 keeps providing the support to the suggested bullish wave.
The expected trading range for today is between the 16.70 support and the 17.40 resistance.
The material has been provided by InstaForex Company - www.instaforex.com