Silver Bounced Off from 16.05

Silver has been steadily moving to the downside for three weeks now but it appears that the precious metal finally found some support at 16.05 because it bounced off from that level after forming a spinning top candlestick on the daily time-frame before it could reach the previous low at 15.62. Currently Silver is testing the resistance at 16.50 and it has even formed a hanging man candlestick on the four-hour time-frame at that level, so a new move to the downside is possible. However, if the precious metal breaks out above the aforementioned resistance at 16.50, it will likely continue moving to the upside towards 16.80, which is the (MA)89 indicator on the same four-hour time-frame.