Overview
Silver price attempted to break the neckline of the head and shoulders pattern that appeared on chart without managing to break it. It also made an attempt to visit the bullish channel resistance located at 17.75, supported by breaching of the EMA 50. Besides, stochastic is heading upwards in the four-hour time frame. Therefore, the bullish bias will be suggested for today unless breaking the 16.90 level and holding below it. This could activate the negative effect of the above mentioned pattern followed by pushing the price to the target of 16.37 followed by 16.10 levels.
The expected trading range for today is between the 16.90 support and the 17.75 resistance.
The material has been provided by InstaForex Company - www.instaforex.com