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Silver technical analysis, strength prevails

Tech analysis by Simon Kazinsky on 03:03 June 10, 2016 EST

Silver has in previous weeks broken very major resistances. In addition, it ends this week forming a solid blue candle on the weekly chart with its base on a resistance turned now support.

The long term chart shows a downward wedge from its all time high at $40/oz in 2011. Price has come out of this wedge and the commodity has traded sideways for a while. But the recent bounce at $16 indicates that the bullish case is alive and as long as this support does not give way I keep my bullish bias for this precious metal.