FX.co ★ Daily analysis of Silver for December 22, 2016

Overview

The silver price is fluctuating near 16.00 levels. We took a deeper look on the chart and found out that the price is forming a bullish pattern explained in the minor image. Its confirmation line is located at 16.15, which means that given the breach of this level, the pattern will have a positive impact on the price and make it head towards our positive targets that start at 16.56 and extend to 17.43. Therefore, we still expect bullish trend for today unless breaking and holding below 15.49 levels. The expected trading range for today is between the 15.80 support and the 16.56 resistance.