Silver (XAG/USD) is currently showing a bullish leg within a range, with upside momentum supported by a convergence between price and RSI. The metal is trading within a broad range of $26 to $30, while consolidating between $27.70 and $29.20.
Silver 4-hour Chart
Currently trading around $28.80, Silver is expected to continue its upward movement towards $29.18, the high from September 5. The recent upswing from September 6 is supported by a bullish convergence with the RSI, indicating strong bullish conviction.
If Silver breaks above the $29.20 resistance, it could target $30.10, the top of the broader range. A break below $27.70, on the other hand, could signal a reversal in the short term.
Technical analysis suggests a potential breakout above $29.20, with a target of $30.10 based on Fibonacci extension levels. Traders should watch for key levels and indicators for confirmation of further price movements.
Stay tuned for updates on Silver’s price action and potential trading opportunities.