Daily analysis of Silver for January 17, 2018

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Overview

Silver price bounced upwards clearly after a decline yesterday as the EMA50 managed to protect the price from suffering more losses. Now, the price is on track to the key resistance of 17.43 again. Therefore, our bullish outlook remains valid for the short term. Please note that breaching the mentioned level will push the price towards 18.30 as a next target, while holding above 16.55 represents the most important condition to continue the expected bullish trend. The expected trading range for today is between 17.00 support and 17.40 resistance.

The material has been provided by InstaForex Company - www.instaforex.com