Silver failed to close above the 20 WMA at 16.43 and that will act as resistance. Only a clean break and close above will give the white metal a bullish momentum to possibly test the 50 WMA which currently sits at 17.25.
Previous cumulative red candles for 4 weeks in a row (end of March 2015 to April) has actually transpired into a similar situation where the following green candle failed to close above the 20 WMA but then followed by 2 green candles that eventually breaks above the 20 WMA and hit resistance at 50 WMA.
The weekly RSI may have found support and could bounce higher here before taking a dive lower. This fits in with out thesis that Precious Metals need to rally before a monumental crash.
Previous cumulative red candles for 4 weeks in a row (end of March 2015 to April) has actually transpired into a similar situation where the following green candle failed to close above the 20 WMA but then followed by 2 green candles that eventually breaks above the 20 WMA and hit resistance at 50 WMA.
The weekly RSI may have found support and could bounce higher here before taking a dive lower. This fits in with out thesis that Precious Metals need to rally before a monumental crash.