Silver (XAG/USD) price has broken decisively above key resistance at $30.00 and risen parabolically, hitting its first upside target at $32.28.
Silver price breaks out of a four-year consolidation zone and rallies strongly. The precious metal could still go higher once the current pull back ends and the uptrend resumes. Silver price has broken decisively above key resistance at $30.00 and risen parabolically, hitting its first upside target at $32.28. The precious metal has since pulled back to trade just above $32.
Given the trend is bullish, Silver is likely to resume rallying after its correction finalizes. The decisive break above $30.00 resulted in a steep upside move as it represents the ceiling of a four-year consolidation range. The rally rapidly met the first target at $32.28, the Fibonacci 0.618 extension of the upper part of the consolidation range higher. Silver could still go much higher, however, as the break above $30.
XAGUSD Technical Analysis Silver
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Analysis: Silver price forming a Bear Flag price patternSilver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart with negative implications for the precious metal’s price going forward.
Read more »
Silver Price Analysis: Silver price could be forming a Bear Flag price patternSilver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart which bodes ill for the precious metal’s price going forward.
Read more »
Silver Price Analysis: Silver price in sell-off after touching top of four-year rangeSilver (XAG/USD) price has continued to sell-off after being rejected by the top of a long-term range at just below $30.00 (green line) on April 12.
Read more »
Silver Price Analysis: Silver price finds floor but is still at risk of more weaknessSilver (XAG/USD) price has found a floor at $26.70 and is consolidating.
Read more »
Silver Price Analysis: Silver is now probably in an uptrendSilver (XAG/USD) price might well have changed trend in the short-term after breaking above the key May 7 highs at $27.51.
Read more »
Silver Price Analysis: Silver threatens to reverse trendSilver (XAG/USD) price is threatening to reverse the short-term downtrend it has been in since April 12 and begin a new uptrend.
Read more »