Silver Is Rallying

Silver has been moving sharply to the upside for the past forty-eight hours after the precious metal formed a very telling spinning top candlestick at the support at 16.12. Silver broke out above 16.76, which is the (MA)89 indicator on the daily time-frame and it has currently almost reached the previous high at 16.92. The question is whether it will be able to break out above that level. Considering how bullish it is, such a breakout is quite likely. If it does occur, the move to the upside will probably continue and the closest target will likely be around 17.15, which is the same indicator, but on the weekly time-frame.