Daily analysis of Silver for May 15, 2018

Overview

Silver price rebounds bearishly after testing the sideways range resistance that appears on the chart. The price is about to visit the support line at 16.15. This keeps the price confined between the mentioned support and 16.80 resistance. Therefore, we still suggest the sideways trading until the price manages to breach one of the mentioned levels. Please note that the continuation of the negative pressure and breaking 16.15 support will push the price towards 15.49 as a next station. On the other hand, breaching 16.80 will lead the price to start attempts to regain the main bullish trend with the target level of 17.43. The expected trading range for today is between 16.30 support and 16.70 resistance.

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

Source:: Daily analysis of Silver for May 15, 2018