Silver price begins positively – Analysis - 23-04-2020

Silver price opens today positively to breach 15.08 and attempts to hold above it, which hints the price attempt to cancel the effect of the previously completed head and shoulders’ pattern and head to resume the correctional bullish trend, but we notice that stochastic shows negative signals that might press on the price to decline again.

Therefore, we prefer staying aside temporarily until the price its situation according to 15.08, as holding below it will press on the price to head towards 14.17 as a first negative target, while confirming breaching it will lead the price to visit 61.8% Fibonacci correction level at 16.00 mainly.

The expected trading range for today is between 14.80 support and 15.40 resistance.

The expected trend for today: Neutral