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Silver Breaks Above Falling Trendline; 2014-High Exposed

You may already know that gold soared yesterday. So did silver. The rally in silver is giving us a bullish reversal signal. 


(xag/usd daily chart, 6/20)

- Price broke above the 20 handle, around which there were some resistance levels, up to the 20.50 mark, which was also broke.
- As price sits just under 21.00, it is trading above the 200-,100-, and 50-day SMAs.
- Price broke above a falling trendline
- The daily RSI pushed above 70

If price can hold above 20, and the daily RSI above 40, the bullish outlook should remain in play. The break this week has opened up the 22.00-22.17 (2014-high).

If price fails to stay north of 20, and breaks below 19.50, the focus should remain on the 18.65 low on the year, made at the start of the month.