Will Silver Prices Continue to Climb
You may be wondering if silver prices will continue to climb in the coming months and years to come, well we may have your answer.
Silver spot price closed Friday at 26.14. Silver is up 67% on the year, 6% on the 6th month chart and down 1.3% over the last 30 days.
Lets take a look at the technical indicators.
Currently the MACD is showing that silver is oversold. Looking at the above chart I would suspect a retest of 26.20 which is showing resistance. If Silver can break through that price range I would suspect the 27.00 price target to be tested before a gradual pull back. If the 26.00 price doesn’t hold we will see support at 25.60–25.70 range before heading higher. Looking at the 24 hour chart is telling us Silver is trading in a very tight range, so I would not suspect a lot of volatility in the future unless something drastic happens.
Lets take a look at the ticker SLV.
Based on the chart above you can see that we are curling up in a bullish trend. SLV also has a lot of gaps to fill on the down side as well as the up side, down side gap at 21.50 and up side at the 25.00, 25.50 range.
The RSI indicator is showing a neutral signal currently so, we could go either way here, however the 10 day and 100 day trend are bullish. This makes me think we will at least fill the gap at 25.50 before a down trend will occur. Silver current has support at 24.03, 23.96 and 23.87. Silver has resistance at 24.19 (hence the drop from there Friday), 2nd resistance point at 24.28 and 3rd resistance point at 24.35. SLV is trading a very tight range so I will not suspect we have very large moves in the near term.
I think it’s important to note, that At 8pm Friday there was a purchase after hours for 217,332 shares roughly 5.2 million dollars at the close. This could signal that SLV will have more room to run in the future.
Disclaimer: I am not an investment advisor and these are my opinions. I currently hold no positions in slv or silver futures. Seek an investment advisor before investing as you may lose your entire investment. This article does contain affiliate links.
