Silver, in its 2-hour chart, reveals its price consolidation as a triangle formation after the rally developed by the precious metal that started from its July 2009 bottom.

According to chartist analysis, the triangle pattern is a consolidation formation, which, usually, is followed by the continuation of the previous upward movement. In this case, that move began on March 18th, 2020, when the price bottomed to $11.641 per ounce. Also, we can see that The RSI oscillator has moved above 60, and currently, it is close to the 80 level. This context makes us recognize that the short-term bias remains in the bullish side.

The bullish breakout above $14.62 per ounce, could boost the precious metal to $15.81 as a potential first target. If Silver extends its gains, the price could advance toward $15.81, and even climb until $16.47 per ounce.

The level that invalidates our bullish continuation scenario locates at $13.62 per ounce.

 

Trading Plan Summary

  • Entry Level: $14.62

  • Protective Stop: $13.62

  • 1st Profit Target: $15.15

  • 2nd Profit Target: $15.81

  • 3rd Profit Target: $16.47

Silver

 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 

EUR/USD News

GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  

GBP/USD News

NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

Read more

WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

Gold News

Forex Majors

Cryptocurrencies

Signatures