Overview
The silver price has been trading lower since morning, heading gradually towards our awaited target at 16.56 on the back of negative pressure formed by the EMA50. This keeps the bearish trend scenario valid for today. Besides, stochastic reaches the oversold areas now, supporting chances of a bullish bounce to resume the bullish trend after touching the mentioned target. We remind you that a break of 16.56 will push the price lower with the next target at 15.49, while the expected decline will remain valid unless breaching and holding above 17.43 levels. The expected trading range for today is between the 16.60 support and the 17.00 resistance.
