14.10.201612:24 Forex Analysis & Reviews: Daily analysis of silver for October 14, 2016

Long-term review

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Overview

Silver price continues to fluctuate near the key support at 17.43, which represents 50% Fibonacci correction level for the rise measured from 13.75 to 21.12. Breaking this level will extend the correctional bearish wave towards the 16.56 level. Here, traders should be cautious in case the price continued its negative pressure on this level. In general, we still suggest the bullish trend on the intraday and short term basis as long as the 17.43 level remains intact. This scenario is supported by the stochastic that appears on the four hours' time frame. Our main targets begin at 18.30 followed by 19.38. The expected trading range for today is between 17.30 support and 18.00 resistance.

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