Daily analysis of silver for May 09, 2018

analytics5af2cd6b14e41.png

Overview

The tight range continues to dominate the silver price, which fluctuates around the EMA50. The price keeps within the sideways track that appears on the chart, confined between 16.15 support and 16.80 resistance. I'm waiting for the price to surpass one of these levels to detect the next targets clearly, reminding you that breaking this support will push the price towards 15.49 as the next negative target. Breaching the resistance will motivate the price to attempt to recover and achieve gains that start at 17.43. The expected trading range for today is between 16.20 support and 16.55 resistance.

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