Silver price attempts to recover – Analysis - 04-12-2019

Silver price provided positive trading yesterday to breach 16.96 level and tests the critical resistance at 17.25, and it remains below it until now, accompanied with stochastic enter to the overbought levels, which forms a negative motive that we wait to assist to push the price to decline in the upcoming sessions, keeping the negative scenario preferred on the intraday basis.

Our expected targets begin by breaking 16.85 level, to ease the mission for heading to 16.33 as a next main station, pointing that breaching 17.25 will lead the price to achieve more of the upside moves and visit 17.60 level as a next positive station.

The expected trading range for today is between 16.85 support and 17.30 resistance.

The expected trend for today: Bearish