Silver turns back upwards - Technical Analysis - 01-02-12016
Silver prices resumed their rise in the intraday levels and short term trading, following a recent drop in the short term, which led it to lean on the important support of 14.19, before bouncing higher, draining positive momentum from the SMA50, while trading within an ascending price channel in the short term as shown in the attached chart, combined with an influx of positive signals from relative power indicators.
Therefore we expect more gains to come for the white metal, as long as the support of 14.19 holds on, targeting thereafter the pivotal resistance of 14.55.
Trend
Bullish