Silver price draws positive pattern – Analysis - 15-01-2021

Silver price ended yesterday at 25.50, attempting to breach it by today’s open, as we witness signs of double bottom pattern that might push the price to achieve more gains, but it faces negative pressure formed by the EMA50 that might prevent the price from achieving more rise.

Therefore, we prefer staying aside until the price confirms its situation according to the mentioned level, as confirming the breach will push the price to achieve positive targets that start at 27.00 and extend to 27.85, while consolidating below it represents the key to resume the correctional bearish track that its next main target located at 22.87.

The expected trading range for today is between 24.80 support and 26.20 resistance.

The expected trend for today: Neutral