FxWirePro: Silver heads to test February peak

While the price of gold has been struggling lately in the face of a stronger U.S. dollar, silver has been outperforming since the second week of July. Since bottoming around $15 per troy ounce area in the first week of July, silver has returned almost 5 percent as the white metal trade around $15.72 per troy ounce.

The current momentum strongly suggests that Silver is heading to test the resistance around $16.3 per troy ounce area, the peak largely made in February this year.

However, our calculations at FxWirePro suggests that silver is trapped in a bull-bear fight over the medium-term control. While the medium-term bulls are targeting a test of $19 per troy ounce area, the bears are eying $12.3 per troy ounce area.