Technical analysis of Silver for January 29, 2016

Technical outlook and chart setups:

Silver is testing the resistance-turned-support line of a consolidation around $14.25. The metal could hit a higher low at $14.20 yesterday looking for an opportunity to test $14.60 levels again. Please note that a successful test here should enable bulls to gain control of the market again with prices exceeding $14.60 and $15.00. It is hence recommended to remain long now with risk at $13.90. Immediate support is seen at $14.00, while resistance is seen at $14.50/60.

Trading recommendations:

Remain long now with stop at $13.90, a target is $14.60.

Good luck!

The material has been provided by InstaForex Company –