Silver nears its 61.8% Fibo

On the daily chart of silver we can see that the commodity has bounced to the upside from the 17.00 level and breaks above its 200 day exponential moving average (blue line) at the 17.37 level to come very near to the 61.8% Fibonacci retracement of the drop that it had from the 18.63 to the 16.00. The 61.8% Fibo is at the 17.64 level and it is possible for that zone to act as resistance. However, if the price of silver manages to break above the 61.8% Fibo, then it could go and visit the 76.4% Fibo which is very close to the 18.00 level. The 18.00 level along with the 76.4% Fibo has a higher probability of acting as a resistance. Below the 200 day EMA, the most important support is at the 17.00 round number level, followed by the 16.00 level.