Daily analysis of Silver for August 02, 2017

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Overview

Silver price is testing the key support 16.56 now, as it found difficulty to breach the key resistance 16.80 in the previous sessions, which urges caution from the upcoming trading, as breaking the mentioned support will stop the recently suggested rise and push the price to decline towards 15.49 mainly. Until now, we will continue to suggest the bullish trend conditioned by holding above 16.56, reminding you that our next main target is located at 17.43, which breaching it represents the key to extend the bullish wave towards 18.30. The expected trading range for today is between 16.50 support and 16.85 resistance.

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