FX.co ★ Daily analysis of Silver for January 07, 2016

Overview

The silver price has been trading sideways since yesterday. As long as the price is below the 14.25 level, we will still suggest the bearish trend on an intraday and short-term bases. its main targets begin at 13.50 followed by 13.00. Note that breaching the 14.25 level will make the price begin a bullish correctional wave, the targets of which start at 14.65 followed by 15.30. The silver price shows bearish bias in an attempt to trade below 13.96 again, which supports the continuation of our bearish overview for the upcoming period that targets the levels of 13.50 and then 13.00 mainly.

The EMA50 supports the suggested decline, and holding below 14.25 conditions its continuation.