Due to a recent rebound against the lower trend line of a long term ascending channel pattern the silver price has surged, as it has formed an ascending channel pattern. The commodity price is heading to the resistance, which is put up by the 61.80% Fibonacci retracement level of the 2016 high and 2017 low levels. The retracement level is located at the 17.76 mark. It is most likely that not only the resistance will be reached, but also it will be broken, as the pair is still set to surge higher. If the retracement level is broken, the path up to a medium sized descending channel pattern's resistance will be open.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 18.22 | Trend line | MACD (12; 26; 9) | Buy | Buy | Sell | ||
| R3 | 17.97 | Weekly R2 | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 17.88 | Monthly R1 | Stochastic (5; 3; 3) | Sell | Buy | Sell | ||
| R1 | 17.76/78 | 61.80% Fibo; weekly R1; trend line | ADX (14) | Neutral | Buy | Neutral | ||
| S1 | 17.40 | Weekly PP | CCI (14) | Sell | Sell | Neutral | ||
| S2 | 17.31 | 55-period SMA | AROON (14) | Buy | Buy | Buy | ||
| S3 | 17.20 | Weekly S1 | Alligator (13; 8; 5) | Buy | Buy | Sell | ||
| S4 | 17.15 | Trend line | SAR (0.02; 0.2) | Buy | Buy | Sell | ||
| Aggregate | ↗ | ↑ | ↘ |