Silver Continues Rising

Despite the holiday season Silver continued moving to the upside today after the market opened after Christmas. It broke out above the last high at 16.41 and then kept rising, reaching a new high at 16.51. The precious metal will most likely reach the resistance at 16.70, which coincides with the (MA)89 indicator on the daily time-frame, the question is whether it will be able to break out above that level as well. If it does break out above that level then there will probably be a further move to the upside towards 17.00, which is the same indicator, but on the weekly time-frame. On the other hand, if the precious metal bounces off from 16.70 it will probably retrace back towards 16.00.