Silver in Consolidation

Silver has been trading relatively still for the past few days as price is having difficulties advancing to higher levels. Price is now slightly below $17.00 currently trading at 16.93. Main trend on the long term is bearish as price is struggling to go above the 200SMA at 16.95.

If this week the precious metal closes above $17 we would have strong chances for a continuation of the upward move in the near and medium term.

Coincidentally, Silver is also at the support-turned-resistance level and that combined with the 200SMA indicates a major turning point for Silver.

Above $17, major bull targets are $18, $18.80 and $21. On the opposite side - $15.80, $14.55 and $13.

Chart: XAG/USD D1