FX.co ★ Daily analysis of Silver for May 12, 2017

Overview

Silver price breached the minor bearish channel resistance, which might push the price to test the key resistance ceiling at 16.56 before turning back to resume the bearish trend again. As we notice the EMA50 keeps putting downward pressure on the price, while stochastic reaches the thresholds of the overbought areas. Therefore, we will stick to the overall bearish scenario unless the metal clearly breaches 16.56 level and holds above it. Let me remind you that our main target is located at 15.49. The expected trading range for today is between 15.90 support and 16.50 resistance.