Pivot: 17.5
Our preference: Short positions below 17.5 with targets @ 14 12.3 in extension.
Alternative scenario: Above 17.5 look for further upside with 21.5 24.25 as targets.
Comment: Silver rebounded from its previous low at 14 and broke above its 50-week moving average. The RSI indicator is above its neutrality area at 50% and heading upwards. Nevertheless, 17.5 represents a significant key resistance level, which should limit the upside potential.
Supports and resistances:
24.25 **
21.5 **
17.5 ***
16.146 Last
14 **
12.3 **
11 **
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