We have seen a recent bullish move on silver breaking a downward trendline, and if you scale back to a weekly view there is plenty of scope in the RSI to keep this move going.
HOWEVER we also have a band of resistance at $18 which has been prior privot support and resistance areas. The price is unwilling to move above this level just yet and despite the bullish signs above.
I think we are waiting to see the shorter term MAs turn up and catch-up the pace of the price move to "bank" the gains before we see it move higher. Price has previously responded well to stimulus from the 20 or 50DMA. Currently these offer support sell below the current price, so risk/reward at this point is stacked a little towards lower.
So bullish but hold tight and wait for the next move.
HOWEVER we also have a band of resistance at $18 which has been prior privot support and resistance areas. The price is unwilling to move above this level just yet and despite the bullish signs above.
I think we are waiting to see the shorter term MAs turn up and catch-up the pace of the price move to "bank" the gains before we see it move higher. Price has previously responded well to stimulus from the 20 or 50DMA. Currently these offer support sell below the current price, so risk/reward at this point is stacked a little towards lower.
So bullish but hold tight and wait for the next move.