Silver price faces strong negative pressure – Analysis - 14-08-2019

Silver price did not settle for long time above 17.30, and it faced strong negative pressure that pushed the price to touch 16.50 areas yesterday, approaching the bullish channel’s support line that appears on the chart, noticing that the price rebounds bullishly to settle above the EMA50 now.

Stochastic begins to provide positive signals on the four hours’ time frame, thus, we believe that the chances are valid to resume the bullish trend again, which its targets begin by breaching 17.30 to confirm opening the way to head towards 18.45 on the near term basis, noting that breaking 16.45 will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 16.70 support and 17.30 resistance.

The expected trend for today: Overall Bullish