Silver is pressuring the ceiling

On the daily chart of silver we can see that the price of the metal has been boxed in a very well defined range with the 200 day EMA (blue line) acting as resistance, currently around the 16.76 level and the lower part of the range is at the trendline just above the 16.00 level. Even though the price of silver is in a range, the lows of the last few candles have been higher than the previous ones with the highs at the 200 EMA. This is an indication that the bullish momentum is pressuring to the upside and we could see a break out of the 200 day EMA. To the upside, the 17.00 could act as resistance, but above that level, the peak at the 17.67 level could be its most important resistance. Below the 16.00 level, its most relevant support is the low at the 15.59 level.