Silver below the moving average 17/05/2013

Silver price found solid resistance at the EMA50, this resistance stopped the recent positive trading, which forced the price to decline resuming the suggested bearish scenario depending on breaking the sideways range support that appears in the image, besides the previously explained lower tops formation.

The waited targets begin at 22.00 followed by 20.90, noting that breaching above 22.80 will provide a positive motive that will push the price to trade again inside the previously broken sideways range.

Expected trading range for today is between: 20.90 support and 23.50 resistance.

Expected trend for today: Bearish