Silver May Bounce off from 16.55

Although the wide long-term sideways consolidation of Silver obviously continues and so far there is no indication that will end anytime soon, there are still signals one can make use of if they notice them on time. For example, Silver has obviously reached the (MA)89 indicator on the daily time-frame yet again and considering many past occurrences it will likely bounce off from that resistance, which is now at 16.55. That is also confirmed by the shooting star candlestick the precious metal has formed on the four-hour time-frame around that level. If that happens, there will probably be a move to the downside towards the support at 16.10, which Silver has already tested many times over the course of the consolidation.