Daily analysis of Silver for January 15, 2016 Market Analysis Review

Overview

The silver price bounced downward, as expected in our last report, to approach testing of the sideways range support at 13.65, fluctuating within this track. Its resistance line is located at 14.25, noticing that stochastic shows positive signals now that might push the price to test the mentioned resistance in upcoming sessions. In general, we still expect a sideways move on an intraday basis until the price manages to surpass one of the mentioned levels. Breaching the 14.25 resistance represents the start of a bullish correction with its next main target located at 15.30. Breaking the 13.65 support will put the price under negative pressure. Its main targets begin at 13.00. Until now, the sideways range is still dominating on an intraday basis, and the price needs to breach one of this range's lines represented by the 13.65 support and 14.25 resistance to detect net targets clearly, while the details of these targets are explained in our morning report. An expected trading range for today is between 13.65 support and 14.25 resistance.

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