Silver now seems to have entered a bullish consolidation phase and was seen oscillating in a range just below mid-$24.00s, or six-week tops touched earlier this Thursday.
From a technical perspective, the overnight strong follow-through positive move validated this week’s breakthrough a downward-sloping trend-line extending from July monthly swing highs. This comes on the back of the recent inverted head and shoulders bullish breakout and supports prospects for additional near-term gains.
The constructive set-up is reinforced by bullish technical indicators, which are still far from being in the overbought zone. That said, slightly overbought RSI (14) on the 4-hour chart failed to assist the silver to capitalize on its move beyond the 38.2% Fibonacci level of the $28.75-$21.42 downfall, at least for now.
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Nevertheless, the bias remains tilted firmly in favour of bullish traders. Hence, a subsequent move towards testing September monthly swing highs, around the $24.80-85 region, remains a distinct possibility. Bulls might eventually aim to reclaim the key $25.00 psychological mark, which coincides with the 50% Fibo. level.
On the flip side, the $24.00 round-figure mark now seems to protect the immediate downside. Any subsequent decline could be seen as a buying opportunity near the $23.75-70 region. This, in turn, should help limit the corrective pullback near the mentioned trend-line support breakpoint, around the $23.50-45 region.