Silver declines calmly – Analysis - 02-05-2017

Silver price continues the negative crawl calmly heading to 16.56 level that represents the waited target for the current bearish wave, and it puts the price under negative pressure that forms the EMA50 to support the chances for the continuation of the decline in the upcoming sessions.

Therefore, we will keep preferring the bearish bias on the intraday basis, reminding you that the decline is temporary, waiting for a bullish rebound after testing the above mentioned level to resume the main bullish trend.

Expected trading range for today is between 16.70 support and 17.00 resistance.

Expected trend for today: Bearish