FX.co ★ Daily analysis of Silver for September 29, 2017

Overview:

Silver is trading around $16.80 level, falling under continuous negative pressure provided by the EMA50. We are still keeping the bearish scenario for the short term. So we are waiting until the metal tests $16.56 level mainly. Let me remind you that breaking this level will push the price to head towards 76.4% Fibonacci level at $15.49. On the other hand, we should note that breaching $17.43 will stop the current decline and push the price to regain its main bullish track again. The expected trading range for today is between $16.56 support and $16.90 resistance.