Silver price attempts to recover – Analysis - 15-10-2019

Silver price provided positive trading yesterday to settle above 17.60, providing signals for the price attempt to regain the bullish trend, especially after moving above the EMA50, but it remains below the broken support of the rising wedge pattern that appears in the image, accompanied with the issuance of the overbought signals from stochastic.

Therefore, this contradiction between the techcinal factors makes us prefer staying aside now until getting clearer signal for the next trend, pointing that breaching 17.75 will confirm the price rally to achieve more of the gains and visit 18.40 level mainly, while breaking 17.60 and trading below it again will push the price to head to 16.96 as a next correctional station.

The expected trading range for today is between 17.40 support and 17.90 resistance.

The expected trend for today: Neutral