The overall trend for the precious metal continues to be up. Silver has found a few pullbacks along the way but managed to overcome those bad days with steady gains.
The price continues to trade above the short and long-term moving averages, indicating that an uptrend continuity is expected. The relative strength index is currently at 61% and has been very consistent over the last 12 sessions, and it has not entered an overbought status. We believe that the pair will continue climbing at a slow but steady pace.
The Bollinger bands are not very wide, but they started opening at the edges and pointing up; this often signifies a trend consolidation.
The target price line lies on the previous high reached on May 18th at $28.759. Once the pair gets closer to this level, we would have to evaluate whether there is a possibility of a breakout or a retracement.
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