The break of $17 technical resistance level is likely to fuel short-covering and momentum buyers which could be perfect scenario for the silver price to make a very significant price move in a very short order to the upside. If the silver price maintains $16.90 ounce here, we could very well see the price accelerate gains to the $19-19.50 level very quickly.

 

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk