Silver Is Retracing

Silver is clearly currently retracing after forming a spinning top candlestick above the support at 15.15 on the four-hour time-frame and bouncing off from it. The pair may have found some resistance at 15.60 and has formed another spinning top below it on the same time-frame, so there will likely be a move to the downside, probably towards 15.30, but the retracement will likely continue once that is over. Its target is likely at the resistance at 15.70 which is the (MA)89 indicator on the four-hour time-frame again. If the precious metal breaks out above that level it will probably continue moving to the upside towards 16.00.