- Silver is forming a Symmetrical Triangle, or Bull Pennant continuation pattern with bullish implications for price.
- It is also probably rising up in the final wave C of a Measured Move price pattern, also with bullish expectations.
- MACD is poised to rise higher after crossing the zero-line.
Silver (XAG/USD) has formed a price pattern after its recent rally, which saw it break out of its falling channel.
The price pattern could either be a Symmetrical Triangle (ST) pattern, or perhaps a Bull Pennant continuation pattern; the first has slightly bullish connotations, the second has stronger bullish implications.
Silver Daily Chart
More broadly Silver is also probably in the process of rising up in the final wave C of a three-wave Measured Move (MM), with a final price target substantially higher than the current market level.
STs do not give a hint of the direction of the breakout but it is usually in the direction of the prior trend. Bull Pennants, however, are bullish and strongly suggest higher prices to come.
MMs are like large zig-zags composed of three waves, sometimes labeled A,B and C.
As Silver price is currently rising up in wave C it is likely to go higher, either till it reaches the end of wave C or, more conservatively $32.75 ( calculated as the 0.618 extrapolation of wave A). If it reaches the end of C it could rally to $35.00.
A break above the top of the ST/Pennant at $31.49 would provide confirmation of the next leg higher.
The Moving Average Convergence Divergence (MACD) momentum indicator has crossed above the zero line and looks poised to continue higher, with bullish implications for price.
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