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.

Merry Christmas!

Today is 25^th December, i.e. it is Christmas and the market is closed. So instead of writing an analysis I am simply wishing everyone a very Merry Christmas! I hope that you are spending it the way you want and it is bringing you joy and contentment!

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.