Silver price begins positively – Analysis - 02-11-2020

Silver price achieved initial breach to 23.60 level by today’s open and settles above it, which hints the price attempt to recover and regain the main bullish trend, but we notice that the EMA50 forms good resistance against the price to stop the positive attempts.

Therefore, we prefer staying neutral until we get clearer signal for the next trend, noting that breaching 24.00 will push the price to achieve more gains and visit 25.06 level as a first positive target, while breaking 23.60 will reactivate the bearish trend scenario that its next target located at 22.13.

The expected trading range for today is between 23.00 support and 24.80 resistance.

The expected trend for today: Neutral