Silver continues to rise following the earlier breakout of the high quality falling wedge chart pattern which was previously identified by Autochartist on the 15-minute charts.
Autochartist rates the overall quality of this chart pattern at the 8-bar level – which is the result of the sharp initial trend (10 bars), significant uniformity and clarity (rated at the 8 and 7 bar levels respectively). Silver is expected to rise to the forecast price 20.6093.
As can be seen from the daily silver chart below – the breakout of this falling wedge continues sharp daily upward price impulse 3 – which started at the end of July – when silver reversed up from the support zone lying between the support level 19.30 and the 38.2% Fibonacci retracement of the previous strong upward impulse 1 from May.