Silver Continues Consolidating

Silver has been stuck in a sideways consolidation between 16.10 and the (MA)89 indicator on the daily time-frame since the beginning of February and that consolidation clearly continues for now. The precious metal formed a doji candlestick on the four-hour time-frame above 16.10 and bounced off from that support yet again. It is currently still moving to the upside and the closest target would likely be around 16.45, which is the (MA)89 indicator on the four-hour time-frame. If it breaks out above it Silver will probably continue rising towards the aforementioned (MA)89 indicator on the daily time-frame, likely to reach it around 16.70.