Silver (SI1!) - 2019 will be the year of the Silver Bulls

There is no denying that commodity futures market are on fire with the surge in Gold and Palladium. Silver is riding that train finding a technical bottom Nov 18' at $13.85. Silver has since moved out of the descending channel and tested its all important 61.8 in Feb, getting rejected, but confirming the top of the channel as support.
Silver Bulls are now testing the 618 level again.

Near term resistance zone: 16.80 - 17.39
Support: 15.20-15.60.

Indicators: Silver is not as overbought as Gold and Palladium so I'm expecting a successful push this time above the 618 testing those near term resistance levels.
RSI - 63. Bulls in control of momentum. There is a slight divergence however on RSI so bulls really need to make this next leg up count.
Stochastic - rolling over bullish
DMI - ADX at 20. We prefer to see around 25, however, +DI is trending in a positive direction.

Its nice seeing a resurgence in Silver after being stuck in a descending channel since June 2016. 2019 is expected to be more bullish with industrial demand on the rise for silver as well as more coins being minted as well.

Let's see if silver bulls have it in them over the coming weeks!

Regards,

Bobby