Advertisement
Advertisement

Silver forecast for the week of January 16, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 16, 2017, 07:01 UTC

The silver markets initially tried to rally during the week, but ran into a bit of resistance at the $17 level. By doing so, we ended up forming a

Silver weekly chart, January 16, 2016

The silver markets initially tried to rally during the week, but ran into a bit of resistance at the $17 level. By doing so, we ended up forming a shooting star which of course is a very negative sign. A break down below the bottom of that candle could send this market looking for the $15.75 level again, and perhaps even lower than that. Alternately, a break above the $17.20 level would be extraordinarily bullish. Pay attention to the US dollar, as this market tends to move in the opposite direction overall.

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.

Did you find this article useful?

Advertisement