Silver prices closed yesterday’s trading below 14.40 that confirmed a breakout of this level and opened the way to continue a bearish trend in the upcoming period, as our next targets are located at 13.55 followed by 12.80. Note that the current bearish wave is organized inside the bearish channel that we can see in the chart, supported by the EMA50. Take into consideration that breaching 14.85 followed by 15.50 will stop the expected bearish wave and push the price towards higher levels.
Silver price shows some slight bullish bias affected by stochastic positivity, as long as the price is moving below 14.84 and 15.50, our bearish scenario will remain valid and active waiting for a visit to the level of 13.55 and then 12.80 in the upcoming period.
The material has been provided by InstaForex Company – www.instaforex.com