Silver at Resistance

Silver is now trading at $17.90 meeting with the resistance at $18.00. The precious metal is still hesitating and it is clear that bears are trying to put it down at current level. The strong resistance comes at a point where the US dollar is not selling with such rapid speed as before indicating that investors and traders are trying to pile up on it and drive the price up.

Silver, on the other hand, is feeling the effect of a steady dollar and has temporarily ended its advancement from $15.11 to $18.00 in three months. Silver would need to break the resistance and close above $18.00 if bulls want to keep on enjoying the rally.

No major US news are expected this week so we might continue to see Silver trading sideways before something new happens that could create a stir and give a hint of the probably direction of the precious metal.

Chart: XAG/USD H4