Silver retests again – Analysis - 13-01-2017

Silver price bounced bearishly after touching the minor bullish channel's resistance, to approach from retesting 16.56 level now, and as long as the price is above this level, the bullish trend scenario will remain valid and active in the upcoming period, supported by the EMA50 that keeps carrying the price from below, besides stochastic gaining clear positive momentum.

Therefore, we are waiting for positive trading in the upcoming sessions, and the next main target is located at 17.43, reminding you that breaking 16.56 level will push the price to visit 15.49 level before any new attempt to rise.

Expected trading range for today is between 16.50 support and 17.00 resistance.

Expected trend for today: Bullish