Silver Forecast January 12, 2017, Technical Analysis

The silver markets fell slightly during the day on Wednesday as the longer-term trend seems to be on the mind of traders. We currently have seen a bit of resistance at the 50-day exponential moving average, pictured in red on the charts. The $17 level above continues offer resistance, so an exhaustive candle in that area is reason enough to start selling again. The strengthening US dollar should continue to work against the value of precious metals overall, sending silver towards the $16 level over the next several sessions. Alternately, if we managed to break above the $17 level, at that point we have to wonder whether the trend is starting to turn around.