FX.co ★ Daily analysis of Silver for December 09, 2016

Overview

The silver price shows some slight bearish bias after attempting to breach 17.00 levels yesterday and approaches from testing the EMA50 that forms intraday support base now. Stochastic is entering the oversold areas, which forms a positive factor that we were waiting to push the price to rebound bullishly and resume rising in the upcoming sessions. Therefore, our bullish overview will remain valid and active for today unless breaking and holding below 16.56 levels. Our main targets start at 17.43 and extend to 18.30. The expected trading range for today is between the 16.70 support and the 17.43 resistance.