Silver leans on the moving average – Analysis - 09-01-2017

Silver price shows bearish bias to test the EMA50 that forms a good base at 16.25, to protect the continuation of the bullish trend scenario on the intraday and short term basis, where the trading organizes within the minor bullish channel that appears in the image.

Therefore, we believe that the chances are available for resuming the bullish trend in the upcoming session, and the price needs to step above 16.56 again, to confirm opening the way towards 17.43 as a next main station, being aware that breaking 16.05 level will stop the positive scenario and pushes the price to test 15.49 level before any new attempt to rise.

Expected trading range for today is between 16.20 support and 16.80 resistance.

Expected trend for today: Bullish