Daily analysis of SILVER for February 01, 2016 Market Analysis Review

Overview

The silver price keeps fluctuating near the 14.30 level and it has not shown show any strong move since morning. Therefore, there is no change in the sideways trading scenario that confines the price between the 13.65 support and 14.40 resistance, waiting for a breach of one of these levels to detect the next targets clearly. A break of this support will push the price to head towards 13.00 followed by 12.00 as next main targets for the long-term bearish wave. Meanwhile, breaching the resistance represents the key to regain the bullish correctional trend that targets the 15.30 area mainly. Therefore, we still prefer the sideways move in the upcoming period to recognize the expected targets from breaching the mentioned levels. The expected trading range for today is from 13.80 support to 14.67 resistance.

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