FX.co ★ Daily analysis of Silver for January 18, 2017

Overview

Silver price managed to surpass the $17.00 barrier and settle above it, where it faces the resistance of the correctional bearish channel that appears on the chart. The metal is likely to breach this resistance to confirm the continuation of the rise in the short term. Its next target is seen at $17.43. In general, silver is set to follow the bullish trend on the intraday and short-term basis unless breaking $16.56. Let me remind you that breaching $17.43 level will extend silver gains to reach $18.30 as the next main station. The expected trading range for today is between $16.90 support and $17.43 resistance.