Technical analysis of Silver for January 16, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver remains more or less unchanged from yesterday and is seen trading at $17.10 levels for now. The metal is expected to push higher through the $17.40/50 levels at least before producing a meaningful retracement. It is therefore recommended to remain long for now and also look to dd further during intraday dips. Immediate support is seen at $16.50 levels, followed by $16.20, $15.50, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. The metal is lagging behind its counterpart Gold for now and a push higher towards at least $17.40/50 levels should fulfill minimum criteria for a pullback.

Trading recommendations:

Remain long, stop at $15.50, a target is open.

Good luck!

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



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