Silver Price Prediction: Rising to mini-range highs, aided by bullish momentum

Source Fxstreet
  • Silver is unfolding a bullish leg within a range. 
  • Upside is helped by bullish convergence between price and momentum. 

Silver (XAG/USD) is trading inside a broad range that stretches from the $26s to the $30s. Within that range it is oscillating within the confines of a smaller consolidation between roughly $27.70 and $29.20. 

Silver 4-hour Chart 

Silver is currently trading in the $28.80s as it unfolds an up leg towards the ceiling of the mini range. It will probably continue higher until it reaches about $29.18 (September 5 high). 

The up move from the September 6 swing low is accompanied by a bullish convergence with the Relative Strength Index (RSI) momentum indicator. The price is lower than it was on September 5 but the RSI is higher. This indicates the current up leg is accompanied by bullish conviction.   

After it reaches the top of this mini-range there is a possibility it could rotate and start moving back down towards the $27.70 floor. 

Alternatively a decisive break higher would indicate a bullish continuation. Such a move would probably reach about $30.10 and the ceiling of the broader range. The target is calculated by taking the 0.618 Fibonacci extension of the height of the smaller range and extrapolating it higher, which is the standard technical method for forecasting a range breakout.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
US June CPI Preview: Can Cooling Inflation Open Up Fed Rate Cut Expectations? How Will US Stocks, the Dollar, and Gold React?The United States will release June Consumer Price Index (CPI) data this Tuesday, which is one of the most critical macroeconomic events in global financial markets this week. As US infla
Author  TradingKey
9 hours ago
The United States will release June Consumer Price Index (CPI) data this Tuesday, which is one of the most critical macroeconomic events in global financial markets this week. As US infla
placeholder
WTI Crude Oil Price Forecast: US-Iran Conflict Escalates, Oil Price Rally Targets $80As of the early Asian trading session on July 13, WTI crude oil ( USOIL) prices surged. Affected by the escalation of the US-Iran conflict over the weekend, the market has re-incorporated
Author  TradingKey
12 hours ago
As of the early Asian trading session on July 13, WTI crude oil ( USOIL) prices surged. Affected by the escalation of the US-Iran conflict over the weekend, the market has re-incorporated
placeholder
Gold slides back closer to $4,050 as Iran risks and Fed hike bets boost USDGold (XAU/USD) opens with a modest bearish gap at the start of a new week and slides back closer to the $4,050 level during the Asian session.
Author  FXStreet
12 hours ago
Gold (XAU/USD) opens with a modest bearish gap at the start of a new week and slides back closer to the $4,050 level during the Asian session.
placeholder
WTI surges above $74.00 as US-Iran strikes reignite Hormuz risksWest Texas Intermediate (WTI) oil price rises after two days of losses, trading around $74.20 during the Asian hours on Monday.
Author  FXStreet
18 hours ago
West Texas Intermediate (WTI) oil price rises after two days of losses, trading around $74.20 during the Asian hours on Monday.
placeholder
WTI rally takes a timeout amid signs of US-Iran war de-escalationWest Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
Author  FXStreet
Jul 10, Fri
West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
Related Instrument
goTop
quote