FX.co ★ Daily analysis of Silver for November 23, 2016

Overview

The silver price tested the key support at $16.56 and held above it, thus keeping the bullish trend scenario valid until now. The count is also supported by stochastic positivity shown on intraday time frames. The price is likely to head towards $17.43 initially. The mark of $16.56 represents the 61.8% Fibonacci correction level for the bullish wave shown on the chart. A break of this level will put the price under negative pressure with targets starting at $15.49. Lower movements will turn the medium-term trend to the downside. The expected trading range for today is between the $16.50 support and the $17.00 resistance.