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Silver is Bullish with 18.50 in Sight

Let's take a look at silver's daily chart, which shows a rounded bottom:

Silver (XAG/USD) Daily Chart 4/18

(click to enlarge)

The rounded bottom in the daily chart has been forming since November/December. There are 3 major bullish signs in the daily chart.
1) Price has crossed above the cluster of 200-, 100-, and 50-day simple moving averages AND bounced off of them as support.
2) Price has broken above a falling trendline. It confirmed the breakout after it held above the 14.60 pivot, which also confirmed a price bottom.
3) The RSI has tagged above 70 and has held above 40, which suggests development of bullish momentum.

We are seeing more evidence that this bullish reversal attempt at the beginning of 2016 is legit. We might see silver continue to rally this year with upside towards at least the 18.00 handle, with the 18.50 pivot in sight as well. The 18-18.50 area represents a critical support/resistance pivot area, which basically means there was a lot of activity here, so we should expect some selling here if silver price gets here.