Silver prices continue to move higher and currently
are well situated within the bullish
channel, started from late December. During the past sessions bulls were
challenged by the 200-day SMA (currently being at 17.85) and as seen on the daily chart finally
this level was finally conquered. On the same chart technical indicators are placed
in bullish territory having marked higher highs and lower lows. In the short
term the bearish pressure seems to be
limited as long as the price holds above 16.55 (January’s low). First resistance
is seen at 19.00 (November 2016’s high) and higher at 20.11 (September 2016’s
high).
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