Daily analysis of Silver for November 04, 2016

Overview

Silver price bounced upwards after leaning on the bullish trend line that appears on the chart. The yesterday's closing price was above 18.30 level. The EMA50 provides good support to the price, while stochastic shows bullish trend signals on the four hours' time frame. Therefore, these technical signals support the continuation of the bullish trend scenario in the upcoming period. The main target lies at 19.38 level. Chances of continuation of the trend will remain high unless the price breaks the 18.30 and 18.00 levels and holds below them. The expected trading range for today is between 18.00 support and 18.70 resistance.

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