FX.co ★ Daily analysis of Silver for May 08, 2017

Overview

Silver price is confined inside bearish pennant's pattern, which means that breaking this pattern's support at 16.25 will enable the price to resume the bearish trend, as the next target is located at 15.49. Therefore, the bearish scenario will remain dominant in the near term, supported by the negative pressure formed by the EMA50. Besides, traders should take into account that breaching 16.56 will stop the current negative pressure and push the price to start recovery attempts with the first target of 17.43. The expected trading range for today is between 16.00 support and 16.56 resistance.