Daily analysis of Silver for June 07, 2018

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Overview

Silver price traded higher yesterday to reach the sideways range's resistance at 16.80. The price is still confined inside this range, so that its support line is located at 16.15. It might witness a bearish bias in the nearest sessions because stochastic is approaching the overbought areas. In general, we still suggest the sideways move until the price manages to surpass one of the above mentioned levels. Let me remind you that breaching the resistance will push the price towards 17.43 initially, while breaking the support will make the price visit 15.49 before any new attempt to rise. The expected trading range for today is between 16.45 support and 16.90 resistance.

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