FX.co ★ Daily analysis of SILVER for August 05, 2016

Overview

From the attached H4 chart, silver price continues to move below the bearish channel's support as the EMA50 keeps forming negative pressure on the intraday and short-term trading, which keeps the chances valid to continue the bearish bias in the upcoming sessions, reminding you that we need to break the 14.40 level to confirm opening of the way to target the 12.80 level. Therefore, the bearish trend will remain valid conditioned by holding below the 14.65 level.

Expected trading range for today is between 13.70 support and 14.70 resistance.

Resistance levels : R1(15), R2(14.88), R3(14.74)

Support levels: S1(15), S2(14.88), S3(14.74)