In my last analysis I mentioned the possibility that Silver could break through the long descending trend line. But it rebounced exactly on this line and turned back.
A sudden climb brought the price back to the fib retracement at 38.2% (16.58$) - which is the actual resistance.
With gaining momentum (see RSI climbing) it should cross this resistance and then be heading to the swing trend line at 17.21$.
There we find a crossing point resulting from the declining trend line (3 descending peaks) and the swing trend line.
This will be a strong resistance and time for us to take some profit.
Crossing that point will open new possible prices to Silver. But also it wouldn´t be surprising if it bounces back and consolidates above the fib retracement to gain more strength.
Another, very strong scenario, would be if Silver closes the gap between Gold and Silver. In this scenario Silver could rise up to 19.50$ where we find the strong fib retracement 78.6% - which had been a strong support in July 2016.
The geopolitical crisis between Russia / China on the one hand and the Western World on the other hand gives enough fundamental causes to buy precious metals. Additionaly the global debt crisis is helping as well (in the meaning of rising prices).
A sudden climb brought the price back to the fib retracement at 38.2% (16.58$) - which is the actual resistance.
With gaining momentum (see RSI climbing) it should cross this resistance and then be heading to the swing trend line at 17.21$.
There we find a crossing point resulting from the declining trend line (3 descending peaks) and the swing trend line.
This will be a strong resistance and time for us to take some profit.
Crossing that point will open new possible prices to Silver. But also it wouldn´t be surprising if it bounces back and consolidates above the fib retracement to gain more strength.
Another, very strong scenario, would be if Silver closes the gap between Gold and Silver. In this scenario Silver could rise up to 19.50$ where we find the strong fib retracement 78.6% - which had been a strong support in July 2016.
The geopolitical crisis between Russia / China on the one hand and the Western World on the other hand gives enough fundamental causes to buy precious metals. Additionaly the global debt crisis is helping as well (in the meaning of rising prices).