Silver has broken above the downtrend line that formed after price peaked at $30/oz back in August. This breakout comes on the heels of a double bottom pattern that formed in the $21-$22/oz area from Sep-Nov which combined with the trendline breakout indicate that traders are likely going to take price back up to test the $30/oz level again. The current price candles are yellowish-lime in color which indicate bullish momentum volatility. In general price will continue to rise as long as there is bullish momentum volatility.
The PPO indicator shows the green PPO line rising above the purple signal line which indicates bullish short-term momentum in price. Both lines are crossing above the 0 level which indicates that bullish momentum is forming in the intermediate-term as well.
The ADX indicator shows the green DI line above the purple DI line which indicates a bullish short-term trend in price. In order for the trend to be considered strong the histogram in the background needs to be rising which for now it is not.
The TMI indicator shows all three MACD histograms above the 0 level which indicates short, medium and long-term bullish bias in momentum.
The TDI indicator shows the yellow RSI line rising above the horizontal 60 level which indicates strong bullish momentum for price. The TDI background is shaded green which indicates that there is bullish momentum in the intermediate-term as well. The yellow RSI line is also above the upper blue Bollinger Band which indicates short-term bullish momentum volatility.
Overall, silver price looks good for a move back to $30 on this breakout.
The PPO indicator shows the green PPO line rising above the purple signal line which indicates bullish short-term momentum in price. Both lines are crossing above the 0 level which indicates that bullish momentum is forming in the intermediate-term as well.
The ADX indicator shows the green DI line above the purple DI line which indicates a bullish short-term trend in price. In order for the trend to be considered strong the histogram in the background needs to be rising which for now it is not.
The TMI indicator shows all three MACD histograms above the 0 level which indicates short, medium and long-term bullish bias in momentum.
The TDI indicator shows the yellow RSI line rising above the horizontal 60 level which indicates strong bullish momentum for price. The TDI background is shaded green which indicates that there is bullish momentum in the intermediate-term as well. The yellow RSI line is also above the upper blue Bollinger Band which indicates short-term bullish momentum volatility.
Overall, silver price looks good for a move back to $30 on this breakout.