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Silver - Rising Trendline in Play Keeping Bulls in Charge

Silver has been rallying in 2015 from a low of 15.53 to 18.47 last week before stalling. It has failed to break this high 3 times and has retreated during the 1/26 session into the 1/27 session. 

Silver (XAG/USD) 4H Chart 1/27
(click to enlarge)

We are seeing support from a rising trendline and the 50-period SMA. After the spike down, silver remains bullish in terms of price staying above the moving averages and the trendline and the 4H RSI has held above 40 after tagging above 70, which reflects bullish momentum. 

Now, if price returns above 18.20, there is upside risk to 18.47. Then if 18.50 is broken, the daily chart below shows that the next resistance could be the 61.8% retracement level around 18.90-19.00. 

However, if price holds below 18.20 during the 1/27 session, then we might have a mini price top that would suggest a short-term bearish correction against 2015's uptrend. 

To the downside, we have the 17.00 handle and the 16.50 support (rising trendline and 50-day SMA in the daily chart) to monitor for support.

Silver Daily Chart 1/27
(click to enlarge)