Overview
Silver price opens today's trading with clear bullish bias after failing to break the 16.56 level in the past days, This failure hints the strength of the mentioned level that represents 61.8% Fibonacci correction level. The rise measured from 13.75 to 21.22 provides positive chances to target the 17.43 level initially in the upcoming sessions. Therefore, we expect the bullish trend to dominate in the nearest term. This scenario is supported by stochastic positivity that appears on the four hours' time frame. Breaching the 17.43 level will extend gains to 18.30 as the next main station. Breaking the 16.56 level will push the price to visit the next correctional level at 15.49. The expected trading range for today is between 16.56 support and 17.20 resistance.
The material has been provided by InstaForex Company - www.instaforex.com