Daily analysis of silver for April 29, 2016

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Overview

It can be seen on the chart that the silver price succeeded to confirm breaching of the bullish channel's resistance after closing the daily candlestick above it which motivates the price to rally bullishly towards our extended target located at 18.03. Thus, our positive overview is valid for the upcoming period. Importantly, breaching the mentioned level will extend the bullish wave to reach the 18.60 level.

Therefore, we still prefer the bullish scenario on the intraday basis supported by the EMA50, reminding you that holding above 17.08 is important for the continuation of the bullish momentum for today.

The expected trading range for today is between 17.45 support and 18.10 resistance.

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