Daily analysis of Silver for July 29, 2016

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Overview

The silver price showed some slight negative trades this morning testing the EMA50. Stochastic managed to gain positive momentum on intraday time frames supporting the chances of bouncing bullishly and resuming the expected bullish trend on the intraday and short-term bases. Therefore, we are waiting for positive trading in the upcoming sessions; targets will begin at the previously recorded top at 21.12 followed by an attempt to head towards 22.00. It is important to hold above 19.35 levels to continue the expected bullish bias. The expected trading range for today is between the 19.70 support and the 21.12 resistance.

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

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