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
WTI rises to near $89.50 as Middle East supply threats offset Persian Gulf recoveryWest Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
Author  FXStreet
Oct 07, Wed
West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
placeholder
WTI slips below $90.50 as Trump signals no pre-election strike on IranWest Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.
Author  FXStreet
Oct 09, Fri
West Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.
placeholder
Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.
Author  Irene Q.
Oct 09, Fri
WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.
placeholder
US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.
Author  Irene Q.
Yesterday 03: 23
US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.
placeholder
Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.
Author  Irene Q.
Yesterday 05: 48
Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.
Related Instrument
goTop
quote