Commodities Analysis by Fawad Razaqzada covering: XAG/USD, Silver Futures. Read Fawad Razaqzada's latest article on Investing.com
Silver has shown fresh signs of bullish price action, with technical indicators suggesting a possible rise towards $35 in the coming weeks
The recent drop in the gold-silver ratio indicates that silver might outperform gold, reinforcing my bullish outlook for silverstaged a slight drop of about 1% on Monday morning after enjoying its best weekly gain since mid-May, with a rise of approximately 7%. This surge came as the metal broke out of a continuation pattern, buoyed by a weakeningof a September rate cut by the US Federal Reserve. Concerns about the French elections on Sunday also boosted precious metals' appeal last week.
The critical level is around $28.70, representing the recent lows. A potential break below this area would invalidate the bullish view, given that we have now seen an interim higher high and a breakout from the bull flag pattern to the upside.For upside targets, $31.50 is the first line of defense for the bears, followed by $32.00 and then the May high just above $32.50.
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