After three weeks on which silverclimbed 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.