Daily analysis of Silver for January 08, 2016 Market Analysis Review

Overview

The silver price continues moving within the sideways range, which lines are represented by the 13.65 support and 14.25 resistance, pointing to a contradiction between the positive EMA50 and stochastic's negativity. It makes us expect more sideways moves on an intraday basis, waiting for a breach of one of the mentioned levels to detect the next destination clearly. Note that a break of the 13.65 support will support the chances of continuing the main bearish trend that will target 13.00. Meanwhile, breaching of the 14.25 level represents the key of the beginning bullish correction, which targets begin at 15.30 and extend to 16.35. The sideways range will remain dominant on the intraday trading until surpassing one of these range lines that are represented by the 13.65 support and 14.25 resistance, reminding you that breaking the mentioned resistance will push the price to 13.00 initially, while breaching 14.25 will lead the price to make a bullish correction that targets the 15.30 levels mainly.

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