FX.co ★ Daily analysis of silver for June 07, 2016

Overview

Silver price has been trading with slight negativity since morning, having moved below 16.37 level, and stochastic is reaching the thresholds of the oversold levels now. Meanwhile, the EMA50 forms an intraday support base at 16.25 that protects the positive scenario suggested in our last reports. Therefore, the bullish bias will remain preferred on the intraday and short term basis, and the targets begin at 17.00 and extend to 18.00. Holding above 15.87 level is important for keeping the chances of achieving the suggested targets.

The expected trading range for today is between 16.15 support and 16.80 resistance.