The six-month chart of the silver price shows a three-month upward movement since the beginning of the year, which was completely nullified by the crash in April. It quickly managed to jump back above 32 US dollars, but the subsequent trend was declining (below the blue trend line) – even though the 200-day line provided support. A few days ago, there was a significant jump above the trend line – it’s not far from the March peak.
The two average lines, which continue to rise, are to be viewed positively.
Correspondingly, the trend confirmation indicator has been holding above 100 in positive territory for several weeks – albeit only slightly. The MACD was even able to generate a buy signal a few days ago. A further price increase should therefore be apparent.
Source: Comdirect