Silver price traded with clear negativity to retest the bearish channel’s resistance that was breached previously and now turns into key support level at 14.70. As we mentioned in our recent articles, holding above this level represents the key condition to continue the bullish correctional scenario. Its targets begin by breaching the 15.40 level to open the way towards 15.85 followed by 16.30. Stochastic generates oversold signals that support the waited rise, reminding you that a break of the 14.70 level will push the price to the previously recorded low at 13.96 initially.
In general, holding above the 14.70 level keeps our bullish trend expectations valid for the upcoming period, reminding you that breaching the 15.40 level will extend gains of silver price to 15.85 followed by 16.30.
The material has been provided by InstaForex Company – www.instaforex.com