Overview

Silver price did not show any strong move since morning. So the metal is still hovering near 16.00 level, while stochastic is approaching from the overbought areas. This creates a negative factor that will make the price resume the bearish bias in the short term. To keep the bearish trend scenario valid for today, let me remind you that our next main target is located at 15.49. Holding below 16.56 is the most important condition to achieve the suggested targets, as breaching it will push the price to achieve positive targets that mainly begin at 17.43. The expected trading range for today is between 15.90 support and 16.30 resistance.