Silver is likely to follow gold higher.
- The price of silver continues its gradual rise even as sellers continue to bombard the white metal around the key resistance zone of $15.8-$15.9 per troy ounce.
- Our calculations strongly suggest that further upside awaits silver and the next move could be sharp as bulls take out sellers in the resistance zone.
- The latest short-term buy trend has begun in Mid-February as price found support around $15.5 per troy ounce.
It is important to note that the price of silver is rising along with both gold and the USD, which is very positive for the short-term bullish outlook.
We expect silver to tests resistance around $16.2 per troy ounce area and possibly break higher.