Silver Price Forecast: Uptrend May Continue Towards New Multi-Month High
Silver Price Forecast
- Silver chart and analysis.
- Silver price at its highest level in nearly 13 months.
Silver Price – The Buyers Domination
This week Sliver took off breaking above the Feb 20 high at $16.21 and printed today $16.47- its highest in nearly 13 months.
Alongside this the Relative Strength Index (RSI) pointed higher crossing above 50 and since Tuesday the oscillator has been moving in the overbought territory emphasizing the strength of the bullish momentum.
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SiLver DAILY PRICE CHART (JuNe 25, 2017 – JUly 19, 2019) Zoomed out
SiLver DAILY PRICE CHART (Mar 27 – JULY 19, 2019) Zoomed In
Looking at the daily chart we notice yesterday Silver moved to a higher trading zone $15.63 – $16.25. Therefore, if the price remains above the low end of this zone then it may rally towards the high-end, however, the weekly resistance levels underlined on the chart (zoomed in) need to be watched closely. See the chart to know more about where the rally might stop in a further bullish scenario.
On the other hand, a close below the low end suggests the price could press towards $15.63 nonetheless, the weekly support levels underscored on the chart (zoomed in) should be monitored along the way.
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Silver Four-HOUR PRICE CHART (JuLY 4 - JULy 19, 2019)
Looking at the four-hour chart, we notice on July 5 Silver rebounded from $14.89 then started an upside move creating higher highs with higher lows. On July 12 mentioned move accelerated drawing a steeper uptrend line.
If the upside move continues, then a break above $16.56 may send the price towards $16.83 however, the weekly resistance level underlined on the chart needs to be kept in focus.
On the other hand, the uptrend may correct lower if Silver breaks below the $16.00 handle, this could see the price trading towards the July 17 low at $15.74 although, the weekly support marked on the chart needs to be considered.
Written By: Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkud
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.