Range Breakout: Silver price has been consolidating roughly above 15.50 and below 16.20 since mid December. However, as we can see in the 1H chart, silver price has broken above the range resistance after a Christmas day rally. Silver (XAG/USD) 1H Chart 12/29(click to enlarge) Bullish Breakout and Pending Confirmation: After the breakout, there was a retreat from 16.30. The reaction to this pullback will be a clue to whether silver can sustain the bullish outlook it just signaled when breaking the range resistance. Notice the cluster of 200-, 100-, and 50-hour SMAs around 15.90, which is also around the middle of the range, and previous resistance pivot. If price can hold above the 15.85-15.90 area, the bullish breakout signal would still be valid. In this bullish scenario, the 1H RSI should also hold above 40.A break below 15.85 is likely a sign that there is further consolidation, and possibly bearish outlook.However, the current price action suggests a bullish outlook in at least the short-term. If we take the width of the range as a projection (about 0.70), then the target would be around 16.90. In the 4H chart, we can see that 16.90 is just under an earlier support pivot.Silver (XAG/USD) 4H Chart 12/29(click to enlarge) In a sideways market (as the 4H chart shows), the 16.90 level is a viable target.Now, outside of this sideways price action, silver is showing a bullish reversal or bullish correction. The daily chart shows that price has been bearish since July, but since November, it has gone through a bit of exhaustion. Then after a strong rally from its low on the year, price broke above the 50-day SMA and the falling trendline from July. so far, silver's price action has still maintained the prospect of a bullish reversal or correction. In the short-term, a more aggressive target above 16.90 would be first the December high around 17.30, with risk of extending to the October-high near 17.80.Silver (XAG/USD) Daily Chart 12/29(click to enlarge)