FX.co ★ Daily analysis of silver for January 20, 2017

Overview

Silver resumed its upward trend after declining yesterday. The price is approaching the correctional bearish channel resistance again, as the EMA50 managed to protect the price from suffering more losses. Silver continues trading with bullish bias, targeting the 17.43 level initially. Therefore, we wait for more upside moves in the upcoming sessions. Breaching the targeted level will lead the silver price towards 18.30 as the next main station, while the expected rise depends on the stability of the daily close above 16.56. The expected trading range today is between 16.85 support and 17.43 resistance.