Silver price provided positive trades yesterday to breach 16.96 level and settles above it, but we believe that the intraday bullish channel forms bearish flag patter that supports the chances of continuing the correctional bearish trend, which means that breaking 16.96 again will activate the negative effect of this pattern and press on the price to head towards the next correctional level at 16.33.
Therefore, we will keep our bearish overview unless breaching 17.25 level and holding above it, as breaching this level will lead the price to test 17.60 level before any new attempt to decline.
The expected trading range for today is between 16.70 support and 17.20 resistance.
The expected trend for today: Bearish