FX.co ★ Daily analysis of Silver for January 04, 2017

Overview

Silver price resumes its bullish attempts to move to $16.56. Meanwhile, the metal aims to surpass this barrier, this will reinforce our expectations of extending the bullish wave towards $17.43. The price receives support from the EMA50, that reinforces the bullish scenario. Therefore, we still expect the bullish trend in the short term, unless $16.15 and the most important $15.49 are broken. The expected trading range for today is between 16.15 support and 16.70 resistance.