Silver Price Analysis: Correcting back within an uptrend

Source Fxstreet
May 13, 2024 09:05
  • Silver price is correcting back after rallying during May. 
  • The correction is likely to run out of steam eventually and the uptrend to resume. 
  • Support at $27.51 may provide the staging post for a bullish revival. 

Silver (XAG/USD) price is correcting back after the strong rally in May became overbought and bullish traders unwound their longs. 

Despite the correction, the short-term trend for Silver remains bullish and given the old adage that “the trend is your friend,” it is expected to resume and push higher once the pull back ends. 

4-hour Chart 

There are no signs yet that the correction has ended – though downside momentum is slowing – and it is possible Silver could continue falling. 

The next major support level that may act as a barrier to further losses is at the former April 26 highs at $27.51. A reversal at that level could signal the resumption of the dominant uptrend. 

A break above the May 10 high at $28.77 would indicate the formation of a higher high and suggest extension. 

Beyond that there is the possibility of a retest of the $30.00 long-term range highs.   

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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