Daily analysis of Silver for December 16, 2016

Overview

Silver price suffered sharp losses yesterday after breaking 16.56 level, which puts the price under negative pressure. So we expect silver to continue trading towards 15.49 level as a next main station. Please note that the EMA50 is forming negative pressure against the intraday trading. Therefore, the bearish bias is expected in the upcoming sessions unless the price manages to breach 16.56 and hold above it, noting that stochastic current positivity might push the price to extend gains and retest the mentioned level before turning back to decline. The expected trading range for today is between 16.30 support and 15.49 resistance.

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