Daily Chart Indicates – The Price of Silver Is Expected To Continue To Rise

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After three weeks on which silver climbed about 8,000 pips , silver prices have stabilized, and for the past week have been trading around $33 an ounce. Nevertheless, there are currently several bullish signals on the 1-day chart, which indicate that another bullish movement might take place soon. Such a movement has potential to boost silver prices into a new record high.

• The chart below is the spot-silver daily chart by ForexYard.
• There was a very accurate bullish channel which was formed on the chart since January 27th, and until February 21st.
• Ever since February 21st silver prices have begun range-trading between the $31.70 and the $34.30 levels.
• Currently, a bullish cross of the Slow Stochastic signals that another bullish session might be imminent.
• The MACD , which has accurately predicted the recent bullish move, continues to point up, suggesting that the bullish momentum has more steam in it.
• The RSI has failed to drop below the 70-line, and is once against pointing upwards, further indicating that the bullish move has more room to go.
• The next resistance levels are located at the $34.00, $34.30 and the $35.00 levels.
• The next support levels are at: $33.20, $32.50 and the $31.70 levels.


silver



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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