Silver Is Testing the Resistance at 17.43

After FOMC hiked the Federal Funds rate yesterday Silver, which had already formed a double bottom at 16.80, moved sharply to the upside and climbed from 16.80 to 17.47, briefly breaking above the resistance at 17.43, which coincides with the (MA)89 indicator on the four-hour time-frame. Although the precious metal then formed a doji candlestick as well as a shooting star candlestick on the same four-hour time-frame, it continued pushing to the upside and forming a new high at 17.55 before retracing back to the aforementioned resistance. Whether those candlesticks are a valid signal for an impending move to the downside remains to be seen, considering how bullish Silver still is. If Silver continues rising, next target is likely at 17.70, but if the signal for a drop is valid after all, there will likely be a move to the downside towards 17.05 – 17.00.