If you’re looking to grow your wealth, now is the time to consider investing in silver. The precious metal has been making higher highs and higher lows, indicating a short-term uptrend that is favorable for long positions. With silver recently breaking above a key long-term support and resistance level at $28.71, its bullish bias is further confirmed.
Technical Analysis
Currently, silver is approaching the August 2 high at $29.23, where it may encounter some resistance. However, given its upward trend, it is likely to surpass this level and continue to rise. Potential upside targets include $29.44 and $30.59.
Although the Relative Strength Index (RSI) has recently exited overbought territory, suggesting a possible pullback, this correction could provide a buying opportunity. Silver may temporarily dip to $28.71 or even find support at $28.52.
Analysis
Overall, the current market conditions indicate a positive outlook for silver. Investors looking to capitalize on the short-term uptrend and potential price appreciation should consider adding silver to their portfolios. Keep an eye on key resistance levels and be prepared for potential pullbacks, but the overall trend is in favor of higher prices for silver in the near future.