Technical analysis of Silver for January 19, 2015. Market Analysis Review

Technical outlook and chart setups:

Silver pushed through the initial resistance at the $17.80/82 levels on Friday. The metal is unfolding into a potential inverted head and shoulder reversal as it has been discussed earlier. The metal could retrace lower through $16.75/$17.00 levels again, before rallying higher towards $18.20/30 and $19.20 levels respectively. It is still recommended to hold positions taken earlier and look for adding further on dips, some profits could be fixed around $18.30 levels. Immediate support could be seen around $16.60/70 levels followed by $16.20/30 and lower while resistance is seen around $18.30 levels and $19.20 respectively (Fibonacci levels).

Trading recommendations:

Remain long, move stop to $16.00 levels, target is $18.30 and $19.20.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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