Silver price achieves strong gains – Analysis - 05-08-2020

Silver price soared strongly after breaching 24.46 level, to touch the expected positive target of the breach at 26.20 direct, which leads the pirce to achieve more expected rise in the upcoming period, organized inside the bullish channel that appears on the chart, noting that breaching the last level will extend the bullish wave to reach 27.90.

On the other hand, we should note that failing to achieve the required breach is considered a strong negative signal that might cause a turn to the short term trend to decline, as it is potential that the price forms double top pattern that its confirmation line located at 22.90, thus, breaking it will press on the price to suffer losses that start at 20.60 and might extend to 19.55.

The expected trading range for today is between 25.00 support and 27.00 resistance.

The expected trend for today: Bullish