19.01.201617:44 Forex Analysis & Reviews: Daily analysis of Silver for January 19, 2016

Overview

The tight range continues dominating. The silver price is hovering around the EMA50 and around 13.96 level. So there is no change in the sideways trading scenario confined between the 13.65 support and 14.25 resistance. The price is waiting to exit this range to detect the next track on a short-term basis clearly. Breaking the 13.65 level will push the price to resume the main bearish trend which targets 13.00, while breaching the mark of 14.25 represents the key of starting bullish correction that targets 14.67 followed by 15.30 levels on a near-term basis. The silver price showed a quick positive attempt to approach the 14.25 level, but it bounced down to settle around 13.96 again. It keeps the domination of the sideways range valid in intraday trading, with its lines represented by the 13.65 support and 14.25 resistance. We remind you that a break of the mentioned levels will offer clearer signals for the next targets on an intraday and short-term bases.