Silver is currently trading at $29 per ounce, having printed a 7.5-year high of $29.86 during the early Asian trading hours. The daily candle now has a long upper wick. If prices suffer a deeper drop or remain unchanged till Friday’s close, a daily candle with a long upper shadow – a sign of uptrend exhaustion – will be confirmed. That would validate overbought readings on the daily chart indicators like the relative strength index and slow stochastics and could yield a notable price pullback. That said, the overall bias would remain bullish as long as prices are held above the former resistance-turned-support of $26.20 (July 28 high).