Silver Price Analysis: Oscillating within an uptrend

Source Fxstreet
May 31, 2024 11:27
  • Silver is consolidating within a short-term uptrend. 
  • The odds favor an eventual resumption of the bullish trend to the next upside target.
  • Heavy-duty support at around $30.00 could provide a springboard for reversal higher. 

Silver (XAG/USD) is consolidating within a short-term uptrend. Although it is currently pulling back it will probably find support and eventually resume its uptrend. 

Silver 4-hour Chart 

Despite recent oscillations between the $32s and $30s Silver’s overall short-term bias is bullish and given the saying “the trend is your friend” this favors long positions over shorts. 

That said, in the very near term Silver could pull back down to support at around the $30.00 level – the highs of a four-year-long consolidation range.   

Silver will probably recover eventually and climb back up to retouch the $32.51 high. If it surpasses that, it is likely to stretch up to the next target at $35.30 (October 2012 high). 

It would require a decisive break below the $30.00 level to bring into doubt the dominant uptrend.

A decisive break would be one accompanied by a long red candlestick that closed near its lows or three red candlesticks in a row. 

 

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