Silver Price Analysis: Consolidating in a pennant pattern

Silver is trapped in a pennant pattern, according to the 4-hour chart.
A breakout would imply a resumption of the uptrend from lows near $19.

Omkar Godbole FXStreet Contributor

Silver is being squeezed in a narrowing price range for the eighth trading day. At press time, the metal is trading largely unchanged on the day at $24.31 per ounce.

The 4-hour chart shows the metal has carved out a pennant pattern.

A break above the pennant resistance, currently at $24.56, would confirm the breakout and signal a continuation of the rally from the July 17 lows near $19. That would expose the recent high of $26.20.

Alternatively, a pennant breakdown would imply bearish reversal and open the doors for a pullback to $22.25 (pennant low). Acceptance under that level would expose the psychological support of $20.

4-hour chart

Trend: Neutral

Technical levels

XAG/USD

Overview
Today last price	24.31
Today Daily Change	0.01
Today Daily Change %	0.04
Today daily open	24.3

Trends
Daily SMA20	21.28
Daily SMA50	19.15
Daily SMA100	17.08
Daily SMA200	17.28

Levels
Previous Daily High	24.93
Previous Daily Low	24.03
Previous Weekly High	26.21
Previous Weekly Low	22.32
Previous Monthly High	26.21
Previous Monthly Low	17.76
Daily Fibonacci 38.2%	24.37
Daily Fibonacci 61.8%	24.59
Daily Pivot Point S1	23.91
Daily Pivot Point S2	23.52
Daily Pivot Point S3	23.01
Daily Pivot Point R1	24.81
Daily Pivot Point R2	25.32
Daily Pivot Point R3	25.71

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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