Silver Below Resistance

Silver's latest move to the upside was a stable and easy climb from 15.60 to a high of 17.40. Price is now trading in the upper range below $17.00 and it appears that the uptrend has been broken.

The precious metal has been trading in the range of $15 and $17 since the month of May last year and it's still having a hard time trying to break out.

Last break above $17 looked promising to suggest that the break out is solid and healthy but it turned out this was a fake break out as price is back below $17. We have to monitor the precious metal for a new break and close and then see if it's steady and stable enough for price to continue on the uptrend.

Chart: XAG/USD D1