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There is growing anticipation with indicators suggesting that silver prices would soar higher than the initial dip of the white metal. The results from the US presidential elections have been a reported surprise and have affected the silver and precious metals with a quick sell-off. But experts basing their evaluation on the indicators suggest that this is all set to change.

The white metal is considered as the ‘poor man’s gold’ by many precious metal investors. There is a significant correlation between silver and gold prices. With the two metals being linked with terms to demand and its prices, one can clearly observe that a rise in gold prices would mean a rise in silver.

There have been reports in the past about lower US dollar prices translating into higher precious metal prices. So, technical indicators from the silver price chart only maintain that there is a possibility of a higher silver price.

The technical analysis reportedly uses technical price patterns to analyse trends and thereby stand to forecast future prices. Based on technical indicators and the price patterns as input to the method of investment analysis, there is an indication of a likely rally. It is reported that higher silver prices are expected.

The recent silver price chart projects an inverse head and shoulders pattern. The pattern is indicative that the selling of precious metals has concluded, and higher prices in the white metal can now be expected.

The pattern is indicative of the direction of silver metal and the potential price objective for that direction. The pattern has a theory that the price objective can be obtained by considering the depth of the head and the neckline’s extrapolating the value, which completes the given pattern. Based on the pattern and theory, there seems to be a potential price objective of $18.90.

The moving average convergence/divergence (MACD) is an indicator that projects the bullish momentum. It is the MACD indicator that uses signal-line crossings to hint at bullish and bearish momentum. Based on bullish indicators and the constructive price action, there is a wave confirming the bullish outcome of the silver price. The precious white metal prices would soar further if the US dollar weakens.