Silver price forms negative pattern – Analysis - 11-10-2019

Silver price traded negatively yesterday to break 17.60 level and settles below it, and by taking a deeper look at the chart, we find that the price is confined inside a rising wedge, which means that breaking 17.45 will put the price under additional negative pressure on the intraday basis.

Therefore, we suggest witnessing more decline in the upcoming sessions, and the next target is located at 16.96, noting that breaching 17.60 and holding above it again will stop the suggested decline and push the price to achieve gains that start at 18.40.

The expected trading range for today is between 17.30 support and 17.70 resistance.

The expected trend for today: Bearish