Silver price faces solid resistance – Analysis - 02-07-2020

Silver price faced solid resistance at 18.38, which forced the price to rebound bearishly to test the EMA50 that forms good intraday support base now, noticing that stochastic managed to get rid of its negative momentum to show oversold signals now, waiting to motivate the price to rise again.

Therefore, our bullish overview will remain valid on the intraday and short term basis, and breaching 18.38 will push the price to 18.93 as a next main station, noting that breaking 17.70 will press on the price to achieve additional decline that targets testing 16.80 areas before any new attempt to rise.

The expected trading range for today is between 17.75 support and 18.40 resistance.

The expected trend for today: Bullish