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    Daily analysis of silver for May 09, 2016 2016-05-09

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    Overview

    The silver price has tested the bullish channel's resistance again without managing to breach it, so silver continues fluctuating around the EMA50. The price may show more sideways fluctuations until stochastic manages to get rid of its negative momentum and gather enough positive momentum to let the price to resume the positive attempts. In general, we still suggest the bullish trend in the upcoming period unless the price breaks the 16.99 level and holds below it. Let us remind that our main target lies at 18.00 and the next one is at 18.60.

    The expected trading range for today is between 17.00 support and 18.00 resistance.


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