Silver Price Prediction: Rising to mini-range highs, aided by bullish momentum
|- Silver is unfolding a bullish leg within a range.
- Upside is helped by bullish convergence between price and momentum.
Silver (XAG/USD) is trading inside a broad range that stretches from the $26s to the $30s. Within that range it is oscillating within the confines of a smaller consolidation between roughly $27.70 and $29.20.
Silver 4-hour Chart
Silver is currently trading in the $28.80s as it unfolds an up leg towards the ceiling of the mini range. It will probably continue higher until it reaches about $29.18 (September 5 high).
The up move from the September 6 swing low is accompanied by a bullish convergence with the Relative Strength Index (RSI) momentum indicator. The price is lower than it was on September 5 but the RSI is higher. This indicates the current up leg is accompanied by bullish conviction.
After it reaches the top of this mini-range there is a possibility it could rotate and start moving back down towards the $27.70 floor.
Alternatively a decisive break higher would indicate a bullish continuation. Such a move would probably reach about $30.10 and the ceiling of the broader range. The target is calculated by taking the 0.618 Fibonacci extension of the height of the smaller range and extrapolating it higher, which is the standard technical method for forecasting a range breakout.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.