Silver tests the support – Analysis - 30-06-2017

Silver price provided negative trading yesterday to test the key support 16.56, as the price is affected by stochastic and the EMA50 negativity, waiting to get enough positive momentum to push the price to breach 17.00 level to confirm the continuation of the recently suggested bullish trend, which depends on holding above 16.56.

Therefore, the bullish bias still suggested on the intraday and short term basis, and the first target is represented by testing 17.43 level, noting that breaking 16.56 will push the price to test 15.49 areas before any new attempt to rise.

Expected trading range for today is between 16.50 support and 17.00 resistance.

Expected trend for today: Bullish