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Silver Price Outlook: May Keep Trading Higher However, with Lower Momentum

Silver Price Outlook: May Keep Trading Higher However, with Lower Momentum

Mahmoud Alkudsi, Analyst

Silver Price Forecast

Did you check our latest forecasts on USD and Gold? Find out more for free from our Q3 forecasts for commodities and main currencies

Silver Price – Higher with lower pace

Yesterday, Silver price continued towards new multi-month high and climbed to $16.65 . However, today the precious metal has rebounded from the same level slowing down the current uptrend.

The Relative Strength Index (RSI) fell today from 79 to 73 indicating the buyers would need more momentum to keep rallying the price.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

SILVER DAILY PRICE CHART (MAy 1, 2017 – JUly 25, 2019) Zoomed out

SiLVER DAILY PRICE CHART (JUN 4 – JULY 25, 2019) Zoomed In

Looking at the daily chart we notice on Monday Silver returned back to the trading zone $16.25 – $16.83 and currently eyes a test of its high end. Hence, a close above the high end could push the price towards $17.24. Nonetheless, the resistance area highlighted on the chart (zoomed in) would be worth monitoring.

In turn, a failure in closing above the high end of the current trading zone may send the price towards the low end. See the chart to know more about the lower trading zone and the key support levels to be watched closely in a further bearish scenario.

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Silver Four-HOUR PRICE CHART (JULY 4 - JULY 25, 2019)

Looking at the four-hour chart, we notice the starting uptrend on July 12 has slowed down significantly, drawing a flatter upward trendline and signaling loss of impulse.

Therefore, a break below $16.15 may press the price towards $16.00. However, the weekly support underlined on the chart should be monitored. See the chart to find out more about the next significant support levels where the selloff might stop.

On the other hand, a break above $16.79 may cause a rally towards $17.00. Although, the high end of the aforementioned trading zone needs to be kept in focus.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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