Silver Broke above 19.51

Back on Wednesday I wrote that Silver is very bullish and is testing the resistance at 18.30. In the following days Silver not only broke above that resistance level, but it also continued moving to the upside and reached target 19.51, which is the (MA)89 on the monthly time-frame. More importantly, it also broke above that resistance level with ease, something I was not really expecting to happen at the time.

I think that next week we can likely expect a retracement back to the resistance at 19.51, or perhaps even lower than that. However, since Silver is still very bullish I also think that if this breakout above the aforementioned resistance level is confirmed we can expect a further move to the upside.