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1/18/2016 2:22:49 AM

Silver attacks an improtant resistance - Technical Analysis - 18-01-2016

Silver prices gained ground in the intraday levels and short-term trading, after the important support of 13.88 held on, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 13.58 to 14.38). The prices drew support from the SMA50, reaching the resistance of 13.97, which represents the ratio 38.2%, which forced silver to bounce lower modestly at the start of the morning trading, as a way to generate some positive momentum to help it breach that level later, along with a venting-off of overbought saturation that is apparent in relative power indicators.

Therefore we expect silver to rise in the coming trading, as long as the resistance of 13.97 is breached, targeting thereafter the pivotal resistance of 14.19, which represents the ratio 23.6% of the same retracement levels mentioned earlier.



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