The option for today is a series of articles about binary options in cooperation with uTrader broker. Every day we present the best PUT or CALL options for a selected financial instrument along with its current technical analysis.
As a result of last week’s decline, the SILVER price reached support level at 17.70, where yesterday the first demand response appeared. It is also worth noting that although this level was already defeated on September 1st, it was only its first re-test.
Looking on the H1 chart, we note that yesterday the market tested this support twice and every time in its area occurred a strong demand response. Nevertheless, later growth did not last long and now we are in the area for the third time. This time the bullish response is definitely weaker, but small pin-bars may indicate potential rejection of this support. If this happens, in the near future we would expect a rebound. So in the short term, you should consider CALL option on this instrument.
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