It resumes its uptrend and makes new highs for August

• Silver resumes short-term uptrend.
• The precious metal hits new monthly highs of $30.19.

Silver (XAG/USD) is resuming the short-term uptrend it has been in since early August and hitting new monthly highs. Considering “trend is your friend”, it will likely continue to grow.

Silver resumed its uptrend after completing a three-wave abc correction. The precious metal then broke above the resistance at the top of the “b” wave of the correction at $29.74, providing bullish confirmation of a new rally.

4 hour silver chart

Silver climbed to a high of $30.19 on Friday, but is likely to rise, eventually reaching the next upside target at the $30.61 resistance high (highest since July 18). A break above $30.19 would help confirm more upside.

The medium and long-term chart trend is unclear and therefore likely sideways, indicating a slight directional bias from higher timeframes.