May 25, 2018
Silver is seeking support continuously from the $16.124 level and seems ready to move upside towards $17.30 level. The current geopolical situation for US dollar seems beneficial for silver for the time being. From technical prospective we can see a potential rounding bottom pattern has been formed on daily chart which is providing bullish signal for traders and investors.
Yesterday we have seen a strong bullish marabuzo candlestick which is providing bullish signal and indicating that bulls are attacking and dominating the bears. It is time to buy the silver and add on your long position once it move above $16.80 level. Overall Silver is trading above all the major and minor EMA lines which is generating bullish signals. Today there is hectic schedule in the Economic Calender for USD which may give new direction for the next week, but for the time being just buy the silver.
Intraday to weekly bias remains bullish as long as $16.00 level remains unbreached. The 17.20 level is the key support level followed by 17.60 level where as 16.00 level is the key resistance level followed by 15.50. RSI and MACD indicators both are generating bullish signal and supporting the buyers.