FX.co ★ Daily analysis of Silver for January 05, 2017

Overview

Silver price managed to touch our first main target at $16.56. Please be aware that the metal is still trading upward and could start the process of breaching this level. This supports our scenario of a bullish trend in the short term, paving the way towards $17.43 as the next main station. The EMA50 and stochastic provide positive signals now. Thus, the bullish trend will remain dominant in the upcoming sessions unless the price witnesses a clear break and dips below $16.15. The expected trading range for today is between $16.40 support and $16.80 resistance.