Silver prices are consolidating near their recent highs. Price is forming a bullish flag. Strategy is the same as yesterday. A break above $16.10 will open the way for a move at least towards $16.40 and $16.70.
Silver has short-term resistance at $16.10 and support at $15.90. Bulls want to see a break above $16.10 as this will be a bullish sign for a continued move higher towards $16.40 at least. Silver is also forming the right shoulder of an inverted Head and Shoulder pattern with the neckline at $16.10 and target $16.53.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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