Daily analysis of Silver for September 12, 2016

Source: Forex Analysis

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Overview

The silver price broke 19.38 strongly and settled below it, opening the way for further correctional bearish pressure on an intraday basis. The next main station is a test of 18.30 levels. It is important to monitor the price behavior when reaching this level as a break of it represents the key for the bearish wave extension to 17.43. Holding against the negative pressure will make the price attempt to regain the main bullish trend. Note that the bearish bias will remain dominant for the upcoming trading unless the price managed to breach and hold above 19.38 levels. The expected trading range for today is between the 18.30 support and the 19.38 resistance.

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