FX.co ★ Technical analysis of Silver for January 13, 2015

 Technical outlook and chart setups:

Silver is trading at $16.70/75 levels for now and should be targeting at least $18.00/30 levels before a meaning pullback occurs. It is still recommended to remain long and also look to add during intraday dips. Immediate support is seen at $16.25/00 levels, followed by $15.50, $14.50 and lower while resistance is seen at $17.40/50 levels, followed by $17.80/18.00 and higher respectively. As discussed earlier, a potential inverted head and shoulder reversal is unfolding slowly but steadily with $15.50 being projected as the right shoulder. Bulls are poised to remain in control till prices stay above $15.50 and subsequently above $14.50 levels.

Trading recommendations:

Remain long, stop at $14.50, target is open.

Good luck!