Daily analysis of Silver for November 16, 2016

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Overview

The silver price gradually crawls upwards approaching from retesting the 17.43 level, which represents 50% Fibonacci level that was broken previously. Stochastic reaches the overbought areas thresholds, while the EMA50 forms continuous negative pressure on the intraday and short-term trading. Therefore, we still suggest the bearish trend in the upcoming sessions, and the targets begin at 16.56 and extend to 15.49 after breaking the previous level. Remember that it is important to hold below 17.43 to continue the suggested bearish bias. The expected trading range for today is between the 16.56 support and the 17.43 resistance.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

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