Silver settles above the critical support – Analysis - 11-07-2017

Silver price bounced upwards clearly yesterday after approaching from testing 15.00 barrier, to settle above 15.49 level, which potepones the continuation of the short term bearish trend, as the rpice gets positive signals through stochastic, but on the other hand, the price faces solid resistance at 15.70 that appears on chart, which hints the failing to breach this resistance will keep the negative pressure valid.

Therefore, we need to stay aside now until we get clearer confirmation signal for the next trend, which we will get through breaching one of the key levels represented by 15.49 support and 15.70 resistance, noting that breaking the mentioned support will open the way to head towards the previously recorded low at 13.75, while breaching the resistance will lead the price to start recovery attempts to cover the losses that the price suffered recently, followed by testing positive levels that start at 16.56.

Expected trading range for today is between 15.30 support and 15.80 resistance.

Expected trend for today: Depends on the above mentioned levels