Silver Is Very Bullish

Silver has been rallying, more or less, for the past two months, and although it appeared that the precious metal might bounce off from the resistance at 17.15, which coincides with the (MA)89 indicator on the weekly time-frame, as it formed a pair of spinning top candlesticks at that level, it finally managed to break out above the resistance and continue moving north. The closest target to the upside is at 17.74, which is the previous high. Should the precious metal break out above that resistance, it will likely continue moving to the upside towards 18.65. On the other hand, if it bounces off from 17.74, it will probably retrace back to the (MA)89 indicator support at 17.15.