FX.co ★ Daily analysis of Silver for May 27, 2016

Overview

The silver price managed to end yesterday's trading below the bullish channel's support shown on the chart after the EMA50 formed a solid resistance barrier. It stopped recent positive price attempts, which supports the continuation of the bearish bias in the upcoming sessions, reinforced by stochastic negativity. Therefore, we still expect the bearish on the intraday and short-term basis with targets reaching 15.87 then 15.37. The continuation of the suggested bearish wave depends on the sustainable daily close below 16.37. The expected trading range for today is between the 15.87 support and the 16.40 resistance.