Daily analysis of Silver for February 07, 2018

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Overview

Silver traded with a downward bias yesterday, aiming to test the key support of 16.56. This is needed to keep the price stability above it. Besides, stochastic is still providing positive signals on the daily time frame. Such price action encourages us to keep the overall bullish scenario for the short term. We are waiting for a target at 17.43 as the next upward station. The price needs to breach 16.85 to simplify the mission of heading towards the mentioned target. Please note that breaking 16.56 will put the price under more negative pressure with the next downward target of 15.49. The expected trading range for today is between 16.55 support and 17.00 resistance.

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