Silver At 200SMA

Silver is trading at the level around the 200SMA, which makes it one of the most anticipated commodities right now. What's even more interesting is that current price is testing the upper trendline, which acts as major resistance.

A move above the 200SMA would also be a move above resistance, which is a strong indicator that Silver is ready for take off.

A move below the 200SMA would also invalidate the attempt to break through resistance and further depreciating might be expected.

Currently, Silver is trading at $15. Every cent up or down is significant, so pay attention to price behavior this week to get an idea where it's going to go.

Chart: XAG/USD D1