FX.co ★ Daily analysis of Silver for May 05, 2016

Overview

Silver price shows slight bearish bias in an attempt to move away from the EMA50. The price is waiting for breaching 17.55 then the 18.00 level to reinforce the expectations of more upside moves in the upcoming period. Therefore, we will keep the positive scenario valid on the intraday and short- term basis supported by the EMA50, and the next target located at 18.60. To achieve the target, the price should hold above the 16.99 level.

The expected trading range for today is between the 17.00 support and the 18.00 resistance.