Silver price under the negative pressure - Analysis - 17-02-2021

Silver price faced strong negative pressure yesterday to break 27.60 and settles at the intraday bullish trend line located at 27.30 now, to face contradiction between the technical factors, which makes us prefer staying aside until we get clearer signal for the next trend, which we will get through surpassing one of the mentioned levels.

Note that breaking 27.30 support will press on the price to achieve more decline and head towards 25.50 as a main negative target, while breaching 27.60 resistance represents the key to resume the intraday bullish wave that its next targets located at 28.85 and 29.80.

The expected trading range for today is between 26.60 support and 28.80 resistance.

The expected trend for today: Neutral