Silver resumes rising – Technical Analysis – 05/05/2016

Silver price decline stopped at 23.6% Fibonacci level for the bullish wave from 14.77 to 17.99, and the price begins to rebound bullishly to resume the short term bullish trend, as it gets many positive signals through the exponential moving averages 50 and 100 and stochastic besides MACD.

On the other hand, the price moves inside a bullish flag that we are waiting to offer additional positive motive, to support the chances of moving towards 18.00 initially, being aware that breaking 17.23 will push the price for more bearish correction before attempting to return to rise.