Silver is still moving in a tight price range without any aggressive movements and is being limited by the 76.4% correction level for the downside wave inside a specific channel. Some overbought signs are still affecting and pushing the price to go down as shown on the chart. In particular stochastic and William % R indicators show that the outlook for medium term is still bearish and all we need to confirm this downward direction is a close below 61.8%; which is the price of silver is struggling with it for time being.
The trading range for today is among the key support at 10.60 and the key resistance at 12.00
|Risk is too high today unless a sustained break out happens to 50 % correction level at 10.98 levels|