Silver Climbs Up

Silver is currently trading at 16.74, up from 16.53 yesterday when it exited the lower trendline on the four hour chart. Highest it went was 16.80 in the early trading hours today and then succumbed to lower levels. Price is now on the lower trendline again this time on the upper side. This indicates that bulls are still trying to bring it up and recover the upper trend.

Should they be successful, we will see Silver going to first bull target at 17.00, second target is seen at 17.30 and third target is seen at 17.40.

On the other hand, a failure to bring the price back will result in a second exit from the trend channel and a potential sell-off that could lead to first bear target at lowest low of 16.53. Second target is seen at 16.30 and third target is seen at 16.00.

Chart: XAG/USD H4