Silver Rises Indeed

WikiFX News (21 July) - In last week, WikiFX predicted that silver may gain more upside momentum and suggested bargain hunting. Yesterdays weekly chart shows that silver price has increased nearly 70% since its decline and rebound on March 16.

According to the weekly chart, the candlestick showed six white soldiers before, with silver price hitting the $19.75 earlier, a new high since the week of October 3, 2016. At the week ended March 16, silver price fell to the lowest dip of $11.64. It rebounded almost 70% after establishing firmer footing, reflecting the bullish long position.

WikiFX holds that if silver price finds some stability over $19.65, in the future trading it may further grow to $20.94, the 1.27XA extension, among which X means the weekly high of $18.95 ended February 24, 2020, while A represents the weekly low of $11.64 ended March 16.

The bull position of silver keeps strengthening and records a 4-year high. However, since multiple cycles indicate demands for adjustment, bargain hunting is suggested in the future trading. On the contrary, once silver price falls below $18.45, market may face the risk of a phased peak.

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