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
Gold Price Forecast: XAU/USD declines below $4,050 on USD strength and hawkish Fed comments Gold price (XAU/USD) extends the decline to around $4,030 during the early Asian session on Tuesday. The precious metal edges lower as traders dialed back expectations of a US interest rate cut next month.
Author  FXStreet
Nov 18, Tue
Gold price (XAU/USD) extends the decline to around $4,030 during the early Asian session on Tuesday. The precious metal edges lower as traders dialed back expectations of a US interest rate cut next month.
placeholder
Ethereum Edges Toward Long-Term Holders’ Cost Basis, Now Only 8% Above Key Accumulation LevelEthereum is trading near $3,150 and just 8% above a key $2,895 long-term holders’ cost basis, with on-chain flows, macro uncertainty and support around $3,000–$2,800 all shaping what comes next for ETH.
Author  Mitrade
Nov 18, Tue
Ethereum is trading near $3,150 and just 8% above a key $2,895 long-term holders’ cost basis, with on-chain flows, macro uncertainty and support around $3,000–$2,800 all shaping what comes next for ETH.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP Look for a Foothold After a Sharp ShakeoutBitcoin trades near $92,600 after a dip below $90,000, while Ethereum around $3,118 and XRP near $2.21–$2.23 sit on key support zones, as BTC, ETH and XRP all try to turn a sharp correction into a tradable rebound rather than a deeper slide.
Author  Mitrade
Nov 19, Wed
Bitcoin trades near $92,600 after a dip below $90,000, while Ethereum around $3,118 and XRP near $2.21–$2.23 sit on key support zones, as BTC, ETH and XRP all try to turn a sharp correction into a tradable rebound rather than a deeper slide.
placeholder
Bitcoin's Drop to $86K Approaches 'Max Pain' Zone, Yet Presents Potential Buying OpportunityAnalysts identify the $84,000 to $73,000 range as Bitcoin's likely "max pain" territory where capitulation may occur.
Author  Mitrade
23 hours ago
Analysts identify the $84,000 to $73,000 range as Bitcoin's likely "max pain" territory where capitulation may occur.
placeholder
Market Meltdown: BTC, ETH, and XRP Capitulate as Bears Seize ControlBitcoin trades around $85,900 after breaking below $86,000, with Ethereum under $2,791 and XRP below $1.99 as BTC, ETH and XRP extend weekly losses of 8–10%, forcing traders to focus on supports at $85,000, $2,749 and $1.77 for clues on whether this sell-off has further to run.
Author  Mitrade
23 hours ago
Bitcoin trades around $85,900 after breaking below $86,000, with Ethereum under $2,791 and XRP below $1.99 as BTC, ETH and XRP extend weekly losses of 8–10%, forcing traders to focus on supports at $85,000, $2,749 and $1.77 for clues on whether this sell-off has further to run.
goTop
quote