Silver (XAGUSD) continues it’s overall uptrend but could find a pullback in the short term. The relative strength index is at 61%, which would allow the pair to continue climbing a few more points, however, it is getting close to an overbought status. If the RSI reaches 70% we will likely see the price drop for the short term and possibly a recovery shortly after.
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The market is still bullish for the long term traders. If the price continues to fall in the next sessions the metal could find support at $27.584 since that is our 23.6% Fibonacci retracement and this level often offers good support. The short and long term moving average spread continues to get wider and this is a good indicator for a long term uptrend. Our parabolic SAR strengthens these long signals as well.
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