Silver technical analysis: At five-month eyes, nears key long-term MA hurdle

• Silver is extending four-day winning streak. 
• Silber is nearing key 50-hour MA hurdle of $16.186. 

Silver is solidly bid for fifth striaght day and is currently trading at $16.11, the highest level since Feb. 20. 

The 14-day relative strength index (RSI) is now hovering at 73.66, the highest level since January, meaning the precious metal is most overbought in six months. 

As a result, the bulls may take a breather around the 50-month moving average, currently at $16.186. 

It is worth noting that the Silver bulls have repeatedly struggled to force a convincing monthly close above the 50-month MA since July 2016. 

Hence, a monthly close above that average is needed to confirm a long-term bullish breakout. 

Daily chart

Monthly chart

Trend: Bullish

Pivot levels