Silver Bounced Off 17.71

Despite the spinning top candlestick on the weekly time-frame below the resistance at 17.20, which coincides with the (MA)89 indicator on the same time-frame, Silver broke above the aforementioned resistance and continued moving to the upside. That said, it appears that the move to the upside is exhausted for now at least, because the precious metal reached a resistance at 17.71, could not break out above it and formed a shooting star candlestick on the daily time-frame. Together with the previous doji candlestick on the same time-frame that was a clear signal for a move to the downside which did begin. Its closest target is the (MA)89 indicator on the daily time-frame again, which is at 17.20. A breakout below that level will likely lead to a further drop towards 16.50.