Ever since the Silver
prices reversed from 200-day SMA
, it rallied to six month highs; however, two-month old broad upward slanting trend-channel resistance, at $16.30 now, confined its further up-move. The metal again seems heading to conquer with the mentioned channel resistance, which if broken, can propel the prices to $16.50-55 and $16.80 resistances. If Silver
advance beyond $16.80, the $17.30 is likely a buffer level that it needs to clear prior to revisiting the May 2015 highs around $17.80. Alternatively, $15.85 is likely an immediate support that the prices could witness on a pullback, breaking which 50% Fibonacci Retracement
of its May – December 2015 decline, near $15.65, and the $15.45 are likely consecutive levels that it can witness. Given the sustained downside below $15.45, 38.2% Fibo, near $15.20 and the channel support, also including the 200-day SMA
, around $14.90-85, may hold its additional south-run limited.