Silver (XAGUSD) Price Forecast: $50.56 14-Day High Recaptures 20-Day MA
NEW YORK (November 10)
Silver powered higher on Monday to a 14-day peak of $50.56, launching from support around the 10-day average. The move surpassed a minor swing high at $49.38, the 50% retracement at $50.02, and the 20-day average at $49.36—putting buyers firmly in control with a wide daily range and price trading near highs at writing.
Quick Recovery Context
The recapture of both moving averages marks a swift rebound after silver spent 14 days below them. Lower correction targets included the 50-day average at $46.53, now rising and converging with the channel centerline confirmed at $45.55—suggesting the pullback may be complete and the bull trend poised to resume.
Bull Trend Confirmation
Conviction from the $45.55 reversal will be measured against the mid-October $54.49 peak; exceeding that level confirms continuation. Today’s strength reduces odds of an immediate second top, with the bullish hammer and inside week on the weekly chart adding validation.
Next Resistance Zone
The four-week high at $52.78 emerges as the immediate upside objective. Today’s breakout already triggered the inside week and hammer setup, with confirmation likely on a daily close above the three-week high of $49.38.
Rising Channel Relationship
Silver operates within a rising trend channel that saw a late September breakout above the top line. The recent pullback briefly dipped below but respected the line as support on multiple occasions, including the $49.38 minor swing high test of resistance.
Channel Breakout Status
Today’s $50.56 high returned silver above the top channel line—another bullish signal. A successful retest of the line as support will confirm a second channel breakout and open higher measured targets.
Outlook
Silver’s rapid recovery and channel re-breakout favor bull trend continuation toward $52.78 and potentially $54.49. Watch for support confirmation at the top channel line on any pullback; sustained trade above $49.38 keeps momentum intact, while failure below $45.55–$46.53 would reopen correction risks.
FXEmpire
