Silver technical analysis: The price met some resistance at a technical zone

New York (Jan 25)  Silver has had a good run over the last few weeks bouncing off $21.43/oz on 15th December. The price has dipped back over the last couple of sessions after hitting a brick wall at the downward sloping trendline on the chart. Now the price has moved back it looks to be heading to the mean value area of the current consolidation area. The price has a very sticky zone at the $23/oz level where it seems to pivot.

Lower down the main support zone is at the consolidation low just above $21/oz. However, the upside levels are currently in focus and the next major resistance zone is marked in red close to $25/oz. beyond that, the green area has been tested a few times and could be the next point of call. This week the market will receive the latest FOMC updates and there is the chance things could get volatile on Wednesday evening.

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