06.01.201617:24 Forex Analysis & Reviews: Daily analysis of Silver for January 06, 2016

Long-term review

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Overview

The silver price shows more fluctuations around 13.96 and the EMA 50. Therefore, there is no change in our main bearish overview that depends on the stability of the daily close below 14.25, waiting to head towards 13.50 followed by 13.00 initially. Stochastic starts to offer negative overlapping signal that might motivate the price to resume the bearish bias in the upcoming sessions. The silver price have not shown any strong moves since morning, moving near the 13.96 level. This keeps the bearish trend scenario valid (no changes seen today), targeting 13.50 then 13.00 levels mainly. Its continuation is conditioned by holding below the 14.25 level.

Expected trading range for today is between the 13.50 support and 14.25 resistance.

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