13.05.201616:40 Forex Analysis & Reviews: Daily analysis of Silver for May 13, 2016

Long-term review

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Overview

Silver price continued its negative trading yesterday to show initial test of the neckline of the head and shoulders pattern that appeared on chart. It is located at 16.90. As we mentioned yesterday, breaking this level will push the price to suffer more intraday and short-term losses. Its main targets are 16.05 and 15.65. Therefore, our bearish overview will remain valid for today as long as the price is below 17.70, reminding you that breaking of the 16.90 level will confirm opening of the way to target of 16.05 followed by 15.65 levels. The expected trading range for today is between 16.40 support and 17.50 resistance.

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