FX.co ★ Technical analysis of Silver for January 22, 2016

Technical outlook and chart setups:

Silver rose through the level of $14.15 today after forming a base around $13.90 yesterday. The metal bounced off the Fibonacci 0.786 support levels and along the trend line support of the consolidation structure. A push above the level of $14.20 will be extremely encouraging for bulls and the metal should be able to move through $14.30 easily. It is hence recommended to remain long with risk at $13.75. Immediate support is seen at $13.90 followed by $13.75 and lower, while resistance is seen at $14.30 and higher respectively. Bulls should remain in control until prices stay above at least $13.75.

Trading recommendations:

Remain long with stop at $13.75, a target is at $14.30/50/60+

Good luck!