Silver price faces solid resistance – Analysis - 01-08-2019

Silver price found difficulty to confirm breaching 16.50 level, to rebound bearishly yesterday and approach testing the key support 16.00, which urges caution from the upcoming trading, as the continuation of the negative pressure and breaking this level will push the price to turn to decline.

Until now, we will continue to suggest the main bullish trend unless breaking 16.00 level and holding below it, supported by stochastic approach to the oversold areas, reminding you that the main targets begin by breaching 16.50 to confirm opening the way to head towards 17.30.

The expected trading range for today is between 16.00 support and 16.50 resistance.

The expected trend for today: Bullish