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    MARKET ANALYSIS AND NEWS Silver – Breaks Key Resistance Market News

    XAGUSD, Daily

    Silver like many commodities has had a good start to 2016, rising over 14% from January’s open at $13.85 to close yesterday at $15.87.  This was on the back of a commodity rally and USD weakness following the dovish tones from the FED on Wednesday.  Thursdays close for Silver represented a new 2106 high and above previous resistance at $15.70. 

    The next leg up could be interesting, there is resistance at the psychological $16.00 and $16.05.

    Silver is classified as an industrial metal and so moves in different although similar phases to the Gold price which is very much a precious metal and safe haven asset. Silver has not moved as aggressively as Gold during 2016 and we believe there could be further for the silver rally to run as the fundamentals of strong demand for bars and coins builds.

    An initial T1 target of $16.10 (October 2015 high) and then to previous high (T2) of $16.25.

    Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

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    Stuart Cowell

    Senior Currency Strategist

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


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