FX.co ★ Daily analysis of Silver for January 12, 2017

Overview

Silver price retested the 16.56 level and bounced bullishly from there, to resume its bullish track inside the minor bullish channel which is displayed on the chart. We are waiting a further rise of the metal to visit 17.43 as a next main station. Therefore, the bullish trend will remain strong supported by the EMA50. Let me remind you that breaking the 16.56 level will stop the suggested rise and push the price down to 16.20. So the metal might decline to 15.49 before any new attempt to rise. The expected trading range for today is between 16.60 support and 17.15 resistance.