Silver at Resistance

Silver has made considerable progress over the last few days going from a low of 15.61 to a high of 16.71. The asset, however, remains in bearish teritorry as Silver bulls must go through the resistance level at 16.70 or bears will take over again and push prices further down.

Silver reached a 2016 high in the beginning of July when price skyrocketed to 21.11 and then gradually started to wear off as the dollar gained strength. Expectations are for the US dollar to pick up the momentum and continue to appreciate.

Some experts even say that the move in the US dollar has not even started yet and that they expect a huge move to the upside around the time of inauguration of Donald Trump in less than two weeks.

If that is the case, then Silver along with Gold are poised to go lower. On the other hand, it takes just a spark to make precious metals go off to new highs.

Chart: XAG/USD D1