Silver has been trading in a neat descending channel against the US Dollar for the past four months. The pair bounced off the lower boundary of this pattern two weeks ago and initiated a new wave up. The rate has, however, shown some reluctance to continue trading in the same steep manner, as apparent from its slight period of consolidation during the past three sessions. This might suggest that a minor pull-back could be due in the nearest time. Silver is currently testing the 55-hour SMA circa 16.13, while the 100-hour SMA and the monthly S1 are also located nearby near the 16.06 mark. By and large, the pair might even fall slightly lower or trade sideways; however, the general direction during the following weeks is expected to be towards the upper boundary of the aforementioned long-term channel located in the 16.60/80 territory.
