Silver retests the neckline – Analysis - 24-05-2017

Silver price shows some slight bearish bias to retest the previously breached neckline of the double bottom pattern that appears on chart, accompanied by stochastic reach to the oversold areas now, forming positive motive that we are waiting to assist to push the price to rise again, targeting testing 17.43 level as a first main station.

Therefore, the positive scenario will remain valid for the upcoming period unless breaking 16.56 and holding below it, as breaking this level will push the price to visit 15.49 areas before any new attempt to rise.

Expected trading range for today is between 16.90 support and 17.43 resistance.

Expected trend for today: Bullish