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Silver made a violent move last summer when it broke a six-year resistance level. Prices have consolidated since but now the bulls may be returning.
Notice how XAGUSD probed and held its 200-day moving average in late March and the first half of April. This was the first test of the 200-day SMA since May.
Second, prices have broken a short-term bearish trend line running along the peaks of February and late March. They’re now trying to break roughly $25.75 – $26.50, a consolidation zone from mid-March.
Third, Bollinger Bandwidth has turned up after falling near 7 percent. This has been a floor for the range of motion. That could help fuel a move if the price action starts to expand.
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