Silver tests the resistance – Analysis - 12-04-2018

Silver price achieved clear rise yesterday to touch the sideways range resistance at 16.80 and rebounds bearishly from there, to keep the price stuck inside the mentioned range that its support line located at 16.15, noting that stochastic current negativity contradicts the positivity of moving above the EMA50.

Therefore, the sideways bias will remain dominant on the intraday basis unless breaching one of the above mentioned levels, noting that breaching the resistance will lead the price to visit 17.43 as a next main target, while breaking the support will push the price to suffer losses that reach 15.49 on the near term basis.

Expected trading range for today is between 16.40 support and 16.85 resistance.

Expected trend for today: Sideways