Daily analysis of Silver for January 23, 2018

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Overview

The tight range is setting the tone for trading silver. The metal is trading around 17.00 level. Please note that stochastic begins to overlap positively on the daily time frame. We are waiting until the price gains momenrum to resume the bullish trend. Targets are set by testing 17.43 level. Therefore, we are keeping the bullish outlook for the short term, provided that the price is holding above 16.55. Let me remind you that breaching the targeted level will push the price towards 18.30 as a next station. The expected trading range for today is between 16.85 support and 17.30 resistance.

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