Daily analysis of silver for January 31, 2017

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Overview

Silver price has been fluctuating within a tight range since yesterday. Stochastic managed to get rid of its negativity and started providing positive signals. It means that the bullish trend can resume in the upcoming sessions, with the first target lying at 17.43 level. Therefore, our bullish overview remains valid on the intraday and short term basis. Breaching 17.43 level will extend the bullish wave to reach 18.30, while the price needs to hold above 16.56 level to achieve the suggested targets. The expected trading range for today is between 16.95 support and 17.43 resistance.

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

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