Technical analysis of Silver for January 04, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver is seen to be trading around the $14.00 levels for now looking to break above $14.10 before producing a meaningful retracement. The metal is still controlled by bulls until prices stay above the $13.65 levels from here on. It is hence recommended to remain long for now with risk at the $13.45/55 levels. Immediate resistance is seen at the $14.10 levels, followed by $14.40, $14.60 and higher while support is seen at the $13.75 levels, followed by $13.65 and lower. Bulls are expected to push prices higher above at least $14.60 and subsequently $15.00.

Trading recommendations:

Remain long, stop is at $13.45, target is open.

Good luck!

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