Daily analysis of Silver for January 28, 2016 Market Analysis Review

Overview

The silver price continues fluctuating around the sideways range resistance, while stochastic approaches the oversold areas. This keeps the bullish trend scenario valid and active for the rest of the day, waiting to target 14.67 followed by 15.30 levels on a near-term basis. Breaking 14.27 will stop the suggested rise and put the price under negative pressure that the main bearish trend might resume again. The EMA50 supports the suggested bullish wave, and breaching the 14.67 level will ease achieving the mentioned target, while the bullish trend will remain valid and active unless breaking the 14.27 level and holding below it.

The expected trading range for today is between the 14.20 support and 15.00 resistance.

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