FX.co ★ Daily analysis of Silver for January 23, 2017

Overview

Silver price managed to breach the correctional bearish channel's resistance and settled above it. This supports the continuation of our bullish trend scenario in the short term. The way is open to visit 17.43 level that represents the first main target. Therefore, we are waiting for a more obvious bullish bias on the intraday and short-term basis, noting that the EMA50 provides persistent positive support. It reinforces the chances of breaching the above-mentioned level followed by opening the way to head for 18.30 as the next main target. Please bear in mind that holding above 16.56 represents the key condition to achieve the suggested targets. The expected trading range for today is between 17.00 support and 17.43 resistance.