FX.co ★ Daily analysis of silver for January 11, 2017

Overview

Silver price rallied and surpassed the 16.56 level which supports our bullish outlook in the upcoming period. The way is open towards the 17.43 level that represents the next main target. Besides, the key resistance lies at 17.15. The price needs to breach this level to confirm bullish trend. Therefore, we still expect continuation of upward movement in the upcoming sessions. Our view is supported by the EMA50. The price need to hold above the 16.56 level to sustain bullish momentum. The expected trading range for today is between 16.56 support and 17.15 resistance.