Breakout-pullback on silver

The breakout-pullback pattern is formed when the price of an asset breaks an important support or resistance level and then pulls back to it to bounce back in the direction of the initial breakout. On the daily chart of silver we can see that the price has been a very good bullish trend from the low that it made at the 15.59 level. Once the price got to the 200 day EMA, blue line, it breaks above that moving average, but it finds some resistance around the 17.00 level. The price continued rising until the 17.26 level to pull back to the 200 day EMA. Now the 200 day EMA may become a support and if the price bounces from that level to the upside, then the breakout-pullback pattern will be completed. To the upside, the high at the 17.45 level may act as resistance.