Silver Price Forecast: Resumes Uptrend, Hits New Highs
As the world’s top investment manager, I am pleased to report that Silver (XAG/USD) has resumed its short-term uptrend, breaking to new monthly highs of $30.19. This precious metal has been on an upward trajectory since early August, and with the saying “the trend is your friend” in mind, we can expect this rally to continue.
After completing a three-wave abc correction, Silver broke above resistance at $29.74, confirming further upside potential. The next target is the $30.61 resistance high, with a break above $30.19 serving as confirmation of more gains.
Silver 4-hour Chart
While the short-term outlook is bullish, the medium and longer-term charts suggest a sideways trend, indicating little directional bias from higher time frames.
Overall, Silver’s price forecast remains positive as it continues its uptrend and hits new highs. Investors can expect further gains in the near future, with potential resistance at $30.61 to watch out for.