Silver Will Likely Consolidate until Wednesday

After its retracement from 17.07 Silver continued moving to the upside, forming a new high at 17.13 and found another resistance at that level. After forming pair of shooting star candlesticks and a pair of spinning top candlesticks on the one-hour time-frame and a single spinning top candlestick on the four-hour time-frame, the precious metal bounced off that resistance too and once again retraced to 17.00. The question is whether it will break out below that support or make another effort to continue climbing towards 17.18, which is the (MA)89 indicator on the one-hour time-frame. Either way, in the next 24 to 48 hours Silver will likely be consolidating due to the major fundamentals we can expect on Wednesday.