15.01.201514:51 Forex Analysis & Reviews: Technical analysis of Silver for January 15, 2015

Long-term review

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Technical outlook and chart setups:

Silver pushed higher towards the levels of $17.25 /30 today before pulling back to $17.05 for now. The metal is expected to push through the resistance at $17.40/50 and subsequently $17.80/18.00 levels before producing a meaningful retracement. Please, note that the inverted head and shoulder formation extends up to $18.30 and $18.90 levels as depicted here. Bulls are still in control; and it is recommended to remain long looking for adding further during intraday dips. Immediate support is seen at $16.50, followed by $16.20, $15.50, $14.50 and lower while resistance is seen at $17.40/50 followed by $17.80/18.00 and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.50, target is open.

Good luck!

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