FX.co ★ Technical analysis of Silver for January 12, 2015

Technical outlook and chart setups:

Silver is looking to push ahead of $16.70/75 levels after bouncing off $16.25 last Friday. Please note that the metal remains buy on dips till prices remain above $15.50 levels.  Also note that the metal is forming a potential inverted head and shoulder reversal, with $15.50 being the right shoulder. Any intraday drop towards $16.00/15.75 levels should be considered as opportunity to initiate fresh long positions.  Immediate support is seen at $16.00 (past resistance turned support), followed by $15.50, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher respectively. 

Trading recommendations:

Remain long and look to buy further on dips till prices are above $15.50 levels.

Good luck!