Silver is on the rise on Wednesday, after the metal finally performed a breakout from a falling wedge pattern as it continued to trade in lockstep with the price of spot gold.
Silver price technical analysis shows that $18.30 and $18.80 levels are the next major upside target for short and medium-term silver buyers.
Silver medium-term price trend
Silver is testing towards the $18.30 level after sellers once again failed to hold price below the pivotal $17.50 support level last week.
Furthermore, the metal is also on the rise alongside gold, as traders and investors once again look towards safe-haven asset classes.
Silver technical analysis over the medium-term shows that a bullish falling breakout has occurred, placing the $18.30 and $18.80 levels as likely upside targets.
The daily time frame shows that if the price of silver reaches the $19.60 level, then a large inverted head and shoulders pattern will form.
It is noteworthy that the upside projection of the potential bullish pattern is around $3.00, and would see silver price close to the $23.00 level.
Silver short-term price trend
Silver price analysis over the short term shows that bulls are in control while price continues to trade above the $17.70 technical level.
The lower time frames currently show that while silver is bullish over the short-term, the metal still has work to do to secure further gains.
A head and shoulders pattern is present across the four-hour time frame, with buyers so failing to invalidate the bearish reversal pattern.
Sellers have failed to ignite the pattern to the downside, which has placed the emphasis back towards the most recent swing-highs, at $18.30 and $18.80.
Overall, traders should expect more short-term gains in silver while price continues to hold above the $17.70 level.
Silver technical summary
Silver price technical analysis shows that a breakout from a falling wedge pattern has taken place on the higher time frames. Gains towards the $18.80, and possibly the $19.60 resistance level cannot be discounted at this stage.