Silver Formed a Double Bottom

Silver has slowly been declining ever since it reached the resistance at 21.10 at the beginning of July and formed a spectacular doji candlestick below that resistance on the four-hour time-frame. That said, it appears that the slow and steady decline has finally been halted for the time being at least, as Silver formed a double bottom on the same time-frame above the support at 19.30, as well as a hammer candlestick on the daily time-frame above the same support level. Should the move to the upside continue Silver will likely reach at least 20.00, and a breakout above that level could lead to a further move to the upside towards 20.50 or even 20.70.