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

Overview

The silver price showed negative dynamic yesterday surpassing and settling below $18.30 levels. This puts the price under extra pressure, opening the way to $17.43 levels initially. On the other hand, we noted that the broken level formed a neckline in the double top pattern that has negative targets that might extend to $16.56 followed by $15.49. Thus, we expect the bearish bias to prevail in the upcoming trading, unless the price managed to breach and holding above $18.30 and $19.38 levels. The expected trading range for today is between the $17.43 support and the $18.30 resistance.