Overview
Silver price is showing more decline to move away gradually from 16.56 level. This reinforces the expectations of a further decline in the short term. The way is open towards 15.49 that represents our next main downward target. Therefore, the bearish trend will remain valid on the intraday and short-term basis, supported by the negative pressure formed by the EMA50. Please be aware that breaching 16.56 will stop the current negative pressure and enable the price to start recovery attempts in the short run. The expected trading range for today is between 16.00 support and 16.56 resistance.
