Silver price touches the target – Analysis - 07-08-2020

Silver price succeeded to achieve our waited target at 29.30 and touched the bullish channel’s resistance that appears on the chart and begins to rebound bearishly, and according to the trading rules inside the channels, the price is on its way to start bearish wave on the intraday basis, on its way to visit 26.20 followed by 25.50 areas in the upcoming period.

Therefore, the bearish bias will be expected for today, noting that we are waiting to resume the main bullish trend after achieving the above mentioned targets, while breaching 29.75 represents the key to stop the suggested decline and rally to achieve more gains on the short term and medium term basis.

The expected trading range for today is between 27.00 support and 29.50 resistance.

The expected trend for today: Bearish