Daily analysis of Silver for January 21, 2016 Market Analysis Review

Overview

The silver price shows slight bullish bias to continue approaching from the 14.25 level, while the price is still confined inside the sideways range that appears on the chart. the range's lines are represented by the 13.65 support and 14.25 resistance, which keeps the sideways move scenario valid until now. We are waiting for the price to exit this range and detect the next targets clearly. We remind you that breaching the 14.25 resistance will lead the price to achieve some gains that start at 14.67 followed by 15.30, while breaking the support will resume the main bearish track, the next target of which is located at 13.00. The silver price has been fluctuating negatively since morning to move near 13.96 again, and the price did not show any strong moves until now. It keeps the sideways trading scenario valid as it is without any changes, until the price manages to breach one of the key levels represented by the 13.65 support and 14.25 resistance to detect the next targets clearly. The expected trading range for today is between the 13.65 support and 14.40 resistance.

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