Silver Breaks Above a Key Falling Trendline From July

From forexminute.com

Breakout and Shift in Trend: As price pushes above 17.00, silver is signaling a shift away from the bearish outlook since July. Price is climbing back above the 50-day SMA, and the daily RSI is pushing above 60, showing some loss of bearish bias and momentum. The fact that price pushed above the late November high around 16.78 reflects the first higher high of significance since the downtrend started in July. Resistance; pullback: The bullish outlook will first be challenged around the 17.80-18.00 area, which represents October’s high, and a previous pivot as well as the 100-day SMA. Note that just above this area, ... (full story)