Silver Formed a Double Bottom

It appears that the move to the downside that lasted for quite a while now is over and Silver is about to start climbing again. The precious metal formed a very obvious double bottom at the support at 17.09 visible on the four-hour time-frame, as well as an impressive hammer candlestick on the same time-frame before climbing to the resistance at 17.80, which coincides with the (MA)89 indicator on the one-hour time-frame. Silver has been testing that level for the past day, a breakout above it would lead to a further move to the upside towards the next resistance level at 18.00 – 18.10. A breakout above that level in turn would lead to another move to the upside towards 18.50, which coincides with the (MA)89 indicator on the four-hour time-frame.