Daily Silver Technical Update and Forecast(26 January 2014)

Silver Daily Technical Analysis and Outlook:

As mentioned in the previous post the levels of 20.60 and

19.60-19.30 zone hold the key.However we think the bulls have the odds. For a long time prices have moved in a choppy pattern, now a resolution out of this choppy pattern seems to be very likely and until the 19.60-19.30 underpins the bulls may have a nice ride up with the initial target being the 21.54 area. Note:Gold so far has experienced positive price action but silver has not followed up yet(usually they move together). Either the yellow metal is about to continue moving higher and silver most probably will follow up (with a breach of 20.60) or it may be on the verge of finishing an upward price correction. And if latter is the case then a break of 19.60-19.30 zone will signal a fall in silver.
Happy Trading..

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