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Fan Yang

Silver (XAG/USD) to Hold Above $15 for a Bull Run to $17

The price of silver $XAGUSD has been relatively flat since late 2018. It has been trading between roughly $14/t oz and $16.20/t oz. But I think it is primed for a bullish run towards at least the $17 handle.

XAG/USD Daily Chart

(click to enlarge)

Bullish Signs Within Consolidation:
- Price action was bearish entering late 2018. 
- But after price came down near $14, silver started to consolidate.
- As we approach July 2019, price is still within the consolidation range.
- However, we should note some subtle bullish signs.
1) Bullish price action has been sharper than mostly choppy bearish price action.
2) The decline from Feb. 2019 to end of May 2019 did not go all the way down to the $14 low. 
3) There is some strong volume in June accompanying the recent bullish swing.
- I think these are signs that bulls are rumbling and will eventually push through the $16.20 high towards the $17 handle.
- If this scenario is going to pan out, I think price will have to anchor above $15 now and eventually treat the $15.40-$15.50 area as support as well. 

Silver Weekly Chart

(click to enlarge)

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