FX.co ★ Daily analysis of silver for February 08, 2017

Overview

Silver price shows calm bullish bias in attempt to resume the short-term bullish trend. The price is supported by the EMA50, waiting for a rally towards 18.30 as the first target. Stochastic's negativity explains the reasons for the recent sideways fluctuation. Silver needs to gain enough positive momentum to continue the main bullish trend. In general, we will stick to the bullish scenario in the upcoming period unless the price breaks the level of 17.43 and holds below it. The expected trading range for today is between 17.50 support and 18.00 resistance.