Silver Is Moving to the Upside

Silver steadily moved to the downside for about a month now, but the precious metal finally found some support at 16.50 and although it briefly fell below that level during the fundamentals at the end of last week it eventually bounced off from it. That was hardly surprising, as Silver had formed a pair of very telling candlesticks at the aforementioned support – namely an impressive inverted hammer candlestick as well as a doji candlestick with a long upper shadow, both on the daily time-frame. What is more, the precious metal also formed a hammer candlestick on the weekly time-frame. All these candlesticks are good signal for a move to the upside, which has already begun. Currently Silver is testing the resistance at 17.00 and a breakout above that level will probably lead to a rally to 18.00.