Silver Is Bullish

Although market volatility has decreased considerably during the past few days Silver defied this tendency and today the precious metal moved sharply to the upside, breaking out above the resistance at 16.25. What is more, Silver also did so despite the spinning top candlestick and the pair of shooting star candlesticks that had formed on the daily time-frame below the aforementioned resistance at 16.25 and which were an indication for a likely move to the downside. Currently the precious metal is still quite bullish and it will probably continue moving to the upside towards the resistance at 16.70 which coincides with the (MA)89 indicator on the daily time-frame.