Silver resumes rising – Analysis - 18-01-2017

Silver price managed to surpass 17.00 barrier and settle above it, where it faces the resistance of the correctional bearish channel that appears in the image, waiting for breaching this resistance to confirm the continuation of the rise in the upcoming period, and its next target located at 17.43.

In general, the bullish trend will remain preferred on the intraday and short term basis unless breaking 16.56 level and holding below it, reminding you that breaching 17.43 level will extend silver gains to reach 18.30 as a next main station.

Expected trading range for today is between 16.90 support and 17.43 resistance.

Expected trend for today: Bullish