Silver Price Analysis: Resumes uptrend and breaks to new highs for August

Silver resumes short-term uptrend.
The precious metal breaks to new monthly highs of $30.19.

Joaquin Monfort FXStreet

Silver (XAG/USD) resumes the short-term uptrend it has been in since early August and breaks to new monthly highs. Given “the trend is your friend” it will probably continue rising.

Silver resumed its uptrending bias after completing a three-wave, abc correction. The precious metal then broke above resistance at the top of wave “b” of the correction at $29.74, providing bullish confirmation of further upside.

Silver 4-hour Chart

Silver has risen up to a high of $30.19 on Friday but it will likely go higher, eventually reaching the next upside target at the $30.61 resistance high (July 18 swing high). A break above $30.19 would help confirm more upside.

The trend on the medium and longer-term charts is unclear and therefore probably sideways, indicating little directional bias from higher time frames.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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