Silver Price Forecasts: XAG/USD confirms a bullish H&S targeting $67.17
Silver (XAG/USD) appreciates for the second consecutive day on Monday, trading around $64.30 after confirming above July’s peak in the $63.30 area.
Silver (XAG/USD) continued its upward trend on Monday, reaching $64.30 after surpassing the $63.30 level from July's peak. The surge occurred after disappointing US Nonfarm Payrolls data on Friday, which led to a dip in the US Dollar Index (DXY) below the 100.00 level. Precious metals, including Silver, saw an increase due to the lower-than-expected job growth figures.
Investors are now watching the US Consumer Prices Index (CPI) figures, released on Wednesday, to validate the bullish outlook. The Head & Shoulders (H&S) pattern formed by Silver's price action confirms the trend shift, with momentum indicators indicating that buyers continue to be in control. The measured target of the H&S pattern is $67.17, while the 200-day Simple Moving Average (SMA) aligns with the mid-June high in the mid-$77s. A decline below $63.30 could expose lows around $61.00, prior to the August 5 low at $59.40.
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