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Silver Forecast January 6, 2017, Technical Analysis

By:
Christopher Lewis
Published: Jan 6, 2017, 04:41 UTC

Silver markets rallied on Thursday as we continue to see a bit of a bounce in the precious metals sector. I still see a massive amount of resistance above

Silver daily chart, January 06, 2016

Silver markets rallied on Thursday as we continue to see a bit of a bounce in the precious metals sector. I still see a massive amount of resistance above though, especially at the 17,000 handle. This is an area that I think will bring sellers back into the market, and on signs of exhaustion I am more than willing to start shorting silver. If we get that exhaustive candle, the market should then start turning around and reaching towards the $16 level underneath. If we break above the $17.25 level, the market would then look rather positive.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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