Silver Price Prediction: Uptrend to likely extend to range high, RSI overbought

Source Fxstreet
  • Silver is rallying towards the ceiling of a broad range. 
  • The RSI is overbought, however, suggesting the risk of a pull back evolving. 

Silver (XAG/USD) is trading in an up leg towards the top of a broad range that stretches from the $26s to the $30s. 

Silver is bullish over the short-term and given it is a principle of technical analysis that “the trend is your friend” more upside is favored.  

Silver 4-hour Chart 

Silver will probably continue higher towards the range high at roughly $30.90 before encountering resistance from the ceiling. 

Silver is overbought, however, according to the Relative Strength Index (RSI) momentum indicator. This advises traders not to add to their long positions. If RSI moves back out of the overbought zone it will provide a sell signal and indicate a probable correction is evolving. 

Such a correction might find support either in the $29.60s (August 28 high) or, if deeper, at the $29.18 former mini-range high. 

Given the short-term trend is bullish, the correction is likely to eventually run out of steam, however, and the uptrend to resume, pushing Silver to new heights.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Trump’s Greenland Tariff Suspension: Crypto Prices Rebound as Investors Weigh Rally LongevityTrump declares Greenland tariffs void; crypto market quickly reverses losses to gains, with Bitcoin expected to continue its rebound higher.During the early hours of Thursday (January 22)
Author  TradingKey
12 hours ago
Trump declares Greenland tariffs void; crypto market quickly reverses losses to gains, with Bitcoin expected to continue its rebound higher.During the early hours of Thursday (January 22)
placeholder
BTC Eyes $90K as Trump Hints at Imminent Crypto Bill SigningPresident Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.
Author  Mitrade
12 hours ago
President Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.
placeholder
Gold moves away from record high as safe-haven demand fades on easing trade war concernsGold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
Author  FXStreet
15 hours ago
Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
placeholder
Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
Author  Mitrade
16 hours ago
Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
placeholder
Australian Dollar rises as employment data boosts RBA outlookThe Australian Dollar advances against the US Dollar (USD) on Thursday, following the seasonally adjusted employment data from Australia, which strengthens expectations of tighter monetary policy from the Reserve Bank of Australia (RBA)
Author  FXStreet
20 hours ago
The Australian Dollar advances against the US Dollar (USD) on Thursday, following the seasonally adjusted employment data from Australia, which strengthens expectations of tighter monetary policy from the Reserve Bank of Australia (RBA)
Related Instrument
goTop
quote