FX.co ★ Daily analysis of Silver for July 25, 2016

Overview

Silver price is trading at the key support 19.35, which represents the 23.6% Fibonacci level for the rise measured from 13.75 to 21.08. Thus, holding above this level represents the key condition to the continuation of the recently suggested positive scenario and guarantees not extending of the correctional bearish wave on the short term basis. Stochastic provides clear positive signals in the four-hour time frame to reinforce the continuation of our bullish trend expectations in the upcoming period as the positive targets are at 21.08 and then, at 22.00. The expected trading range for today is between the 19.00 support and the 20.10 resistance.