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.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.