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
Gold Price Forecast: XAU/USD struggles to extend recovery above 20-day EMAGold price (XAU/USD) is down 0.8% to near $4,140 during the European trading session on Monday. The precious metal faces selling pressure as the three-day rally hits a pause after failing to extend above $4,202.
Author  FXStreet
Jul 06, Mon
Gold price (XAU/USD) is down 0.8% to near $4,140 during the European trading session on Monday. The precious metal faces selling pressure as the three-day rally hits a pause after failing to extend above $4,202.
placeholder
Gold rebounds above $4,350 as US Dollar, Treasury yields slipGold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
Author  FXStreet
Yesterday 01: 29
Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
placeholder
Gold rebounds past $4,400 as rate-hike odds cool ahead of NFPGold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
Author  Irene Q.
Yesterday 09: 21
Gold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
placeholder
Gold rebounds above $4,450 as Waller tempers Fed rate hike bets ahead US jobs dataGold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
Author  FXStreet
14 hours ago
Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
placeholder
Yen hits one-month high on BOJ September-hike bets; AUD/JPY cracks support as carry unwindsUSD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Author  Suzie
8 hours ago
USD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Related Instrument
goTop
quote