Silver faces solid resistance – Analysis - 19-01-2017

Silver price found difficulty to breach the correctional bearish channel's resistance that appears on chart, showing some bearish bias and fluctuates around 17.00, noticing that the EMA50 provides continuous positive support to the price, while stochastic enters the oversold areas.

Therefore, we believe that the chances are valid to trade positively in the upcoming sessions, and the waited targets begin at 17.43 and extend to 18.30, noting that breaking 16.95 will push the price to test 16.56 direct before any new attempt to rise.

Expected trading range for today is between 16.85 support and 17.43 resistance.

Expected trend for today: Bullish