Silver price closed yesterday trading above the channel's resistance that appears in the image, while the price could not surpass the critical resistance barrier at 14.35, which keeps the chances valid for resuming the main , especially that shows clear negative signals on the four-hour time frame. Thus, we keep preferring the overall that targets 13.50 then 13.00 initially, unless witnessing a clear breach and a daily close above 14.35 level. Silver price didn't show any strong move since morning, to keep fluctuating near 14.35, therefore, there is no change on the scenario that depends on the stability of the daily close below the mentioned level, reminding you that our next targets are at 13.50 then 13.00.
Technical outlook and chart setups:
Silver is seen to be trading around $14.29/30 levels at the moment, looking to drop lower towards $13.90 levels before reversing. The metal has rallied from $13.65 levels through $14.39 levels and taken out interim resistance at $14.30 levels already. A dip towards $13.90 levels, which is also fibonacci 0.618 support,( IF HOLD THEN ALTERNET SEEN ) is expected before the trend reverses. Immediate support is seen at $14.05 levels, followed by $13.90, while resistance is seen at $14.39 levels and higher respectively.
Silver price continues to fluctuate near 13.96 level, and it is under negative pressure that comes from the EMA50 besides stochastic negative signal, which supports the continuation of the bearish trend in the upcoming period, which targets 13.50 and then 13.00 levels initially. In general, the negative scenario will remain valid and active unless we see a clear breach and stability with a daily close above 14.25 level.
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Expected trading range for today is between 13.70 support and 14.25 resistance.