The previous metal, namely, silver is surging in an ascending channel pattern after breaking the previously active channel down pattern. The braking of the previous pattern was caused by a rebound against a dominant channel up pattern's lower trend line. Due to that it is assumed that a medium term surge is most likely to persist. Most recently the currenc exchange rate encountered the combined resistance of the junior channel's upper trend line and the 200-period SMA of the four hour chart. As a result a decline began. However, the surge is most likely going to continue soon. However, market participants should take into account that the 2016 high and low level Fibonacci retracement levels affect the metal's price.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 17.69 | Monthly PP | MACD (12; 26; 9) | Buy | Sell | Sell | ||
| R3 | 17.38/42 | Trend line; weekly R2 | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 17.32 | 200-period SMA | Stochastic (5; 3; 3) | Sell | Sell | Neutral | ||
| R1 | 17.13/17 | 61.80% Fibo; weekly R1 | ADX (14) | Neutral | Buy | Neutral | ||
| S1 | 16.84/80 | Trend line; weekly PP; 55-period SMA | CCI (14) | Neutral | Sell | Neutral | ||
| S2 | 16.71 | Monthly S1 | AROON (14) | Buy | Buy | Buy | ||
| S3 | 16.65 | 100-period SMA | Alligator (13; 8; 5) | Buy | Neutral | Sell | ||
| S4 | 16.56 | Weekly S1 | SAR (0.02; 0.2) | Sell | Buy | Sell | ||
| Aggregate | → | → | ↘ |