Silver Price Analysis: Resumes uptrend and breaks to new highs for August
|- Silver resumes short-term uptrend.
- The precious metal breaks to new monthly highs of $30.19.
Silver (XAG/USD) resumes the short-term uptrend it has been in since early August and breaks to new monthly highs. Given “the trend is your friend” it will probably continue rising.
Silver resumed its uptrending bias after completing a three-wave, abc correction. The precious metal then broke above resistance at the top of wave “b” of the correction at $29.74, providing bullish confirmation of further upside.
Silver 4-hour Chart
Silver has risen up to a high of $30.19 on Friday but it will likely go higher, eventually reaching the next upside target at the $30.61 resistance high (July 18 swing high). A break above $30.19 would help confirm more upside.
The trend on the medium and longer-term charts is unclear and therefore probably sideways, indicating little directional bias from higher time frames.
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