Daily analysis of Silver for May 29, 2017

Source: Forex Analysis

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Overview

Silver price continues its gradual rise to reach the thresholds of the first expected target at 17.43. The positive effect of the double bottom pattern keeps pushing the price to the upside, waiting until the mentioned level is breached to confirm the extension of the bullish wave to 18.30. Therefore, we believe that the way is open for achieving more of the upside moves in the upcoming sessions, supported by the EMA50. Please be aware that the continuation of the positive scenario depends on the stability above 16.56 level. The expected trading range for today is between 17.20 support and 17.55 resistance.

The material has been provided by InstaForex Company – www.instaforex.com