Chart Of The Day: Silver Could Be On The Cusp Of Relief Rally

2022.09.21 19:31

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Despite the rally following the from the FOMC to raise rates by 75bps, and ironically went higher too.

Silver could be on the cusp of a relief rally near term, especially if today’s highs are at 19.90 and broken and we get a daily close above 20.00. A descending trend line from early May is capping the rally. Also, the precious metal may be developing a bull flag pattern.

To confirm this move, I would be watching the RSI (lower panel) to see if it points higher with the price. The expected target for a breakout would be 21.35, which is also the previous key support level.

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