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FX.co ★ Technical analysis of Silver for January 20, 2015.

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Forex Analysis:::2015-01-20T13:51:23

Technical analysis of Silver for January 20, 2015.

Technical analysis of Silver for January 20, 2015.

Technical outlook and chart setups:

Silver pushed further high to $18.00 levels today before pulling back. The metal has taken initial resistance already at $17.80 levels as discussed yesterday and hence a pullback can materialize. Hence it is recommended to book either full at least partial profits now ($17.80). Immediate support is seen at $16.75 levels, followed by $16.40/30, $15.50 and lower while resistance is seen at $18.30 levels, followed by $19.20 and higher respectively. Bulls are in complete control for now and any intraday dips should be considered as opportunities to go long.

Trading recommendations:

Fix partial/full profits for now and wait for a correction to go long again.

Good luck!

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