Daily analysis of silver for October 16, 2017

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Overview

Silver price touched 17.43 level and is still stable there. We should remind you that we are waiting for a break of this level to confirm rallying towards 18.30 that represents our next main target. Therefore, no change to the bullish trend scenario that depends on holding above 16.56, as breaking this level represents negative factor that will push the price to decline towards 15.49 before any new attempt to rise. The expected trading range for today is between 17.20 support and 17.50 resistance.

The material has been provided by InstaForex Company - www.instaforex.com