Silver (XAG/USD) price might well have changed trend in the short-term after breaking above the key May 7 highs at $27.51.
Silver price has probably reversed its short-term downtrend and begun a new uptrend. It has broken above the May 7 highs – a key sign the short-term trend has reversed. The possibility now exists for the precious metal to rise back up towards the $30.00 mark. Silver price might well have changed trend in the short-term after breaking above the key May 7 highs at $27.51.
It has broken above the last higher low of the downtrend and breached all the major moving averages – the 50, 100 and 200 Simple Moving Averages . Bullish momentum has been strong during the up move. The sequence of higher highs and higher lows – of peaks and troughs – is now also rising rather than falling. The break above the May 7 highs now signals the likelihood of a continuation higher. The first upside target lies at $27.74, and this has almost been met.
XAGUSD Technical Analysis Silver
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