Silver (SI.FUT)

Short term

Silver has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The future has support at 23.20 and resistance at 28.80. The volume balance is positive and strengthens the future in the short term. The future is overall assessed as technically neutral for the short term.

Recommendation one to six weeks: Hold (Score: 21)

Medium term

Silver is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. The future has given a positive signal from the rectangle formation by a break up through the resistance at 26.39. Further rise to 31.27 or more is signaled. The future has support at 25.30 and resistance at 28.80. Positive volume balance shows that volume is higher on days with rising prices than days with falling prices. This indicates increasing optimism among investors. Trading volume has increased substantially lately, which may be because of fundamental news. The future is overall assessed as technically positive for the medium long term.

Recommendation one to six months: Positive (Score: 61)

Long term

Silver has broken the ceiling of the falling trend in the long term, which indicates a slower initial falling rate. The price has reacted back after the break of the rectangle formation. There is support around 25.74, which now indicates good buying opportunities. An established break through this support will neutralize the positive signal. The future is testing support at 26.00. This could give a positive reaction, but a downward breakthrough of 26.00 means a negative signal. The volume balance is positive and strengthens the future in the short term. The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. The future is overall assessed as technically positive for the long term.

Recommendation one to six quarters: Positive (Score: 70)