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Silver jumps above $60 as bullish engulfing pattern signals upside
Silver rose more than 2.8% after trading around $59.17, with the next resistance zone seen near $63.97 to $64.29 and a further target around $65.00.
Silver prices climbed more than 2.8% on Friday, with XAG/USD rising from about $59.17 to move above $60.00 and reach a two-day high of $61.19, FXStreet reported. At the time of writing, XAG/USD was trading around $60.86.
FXStreet said price action suggests the metal is still consolidating, despite sitting below the 50-, 100-, and 200-day simple moving averages. The outlet pointed to a looming bullish engulfing two-candle pattern, adding that confirmation could put buyers on course to challenge the 100- and 50-day SMAs clustered near $63.97 to $64.29.
The article also highlighted upside levels beyond that zone, including a potential move toward a resistance trendline near $65.00 and a next area of interest around $70.00.
On the downside, FXStreet cited $60.00 as the first support level, followed by a scenario where a decisive breakout could bring a test of the October 8 swing low at $58.50, then the August 3 low at $56.57.
Latest closeSilver $59.48 ▼0.7%