FX.co ★ Daily analysis of SILVER for February 05, 2016

Overview

According to the attached H4 chart, the silver price is heading from 50% Fibonacci level for the bearish wave located at 15.00 in the image, waiting to breach this level and head towards the next correctional level at 15.30. In general, we still expect the bullish trend for the upcoming sessions as long as the price is above 14.27 levels. Until now, the bullish trend scenario remains valid on the intraday and short-term basis if the price settles above 15.30 levels. A break of 14.27 will stop positive expectations and put the price under negative pressure again.

The expected trading range for today is between 14.50 support and 15.30 resistance.