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 lasting for 10 days declines the SILVER price has already beaten the upward trend line and broke the bottom of the bullish channel. From Monday, however, we are seeing steady growth, which, through its low dynamics, is more like an correction than a new, strong impulse. As a result of these increases, price of SILVER has now reached local resistance level, which coincides with 38.2% retracement of the Fibonacci correction from the last downtrend, where the first supply reaction has already occurred. A permanent rejection of this zone could open the way to further decline. In the short term, therefore, it is worth considering PUT option on this instrument.

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