The silver price has been in a tight range in the past few weeks. The is trading at $27, which is a few points below the February high of $30.
Silver price outlook: The price of silver had a relatively volatile start of February as it got caught into the Wall Street Bets (WSB) euphoria. Since then, it has remained slightly below this level as traders ponder the next move about the metal.
This week, the focus will be on the financial releases by the top silver mining companies like Fresnillo and Polymetal. The two will publish their annual results on Tuesday and Wednesday, respectively. Analysts will want to hear from the companies about their ongoing operations.
Silver price will also react to the recent decision by Congress to pass a $1.9 trillion stimulus package. As such, investors will want to see whether the Senate will pass the stimulus. If it does, it will have an impact on the US Treasury yields.
Silver price outlook
The daily chart shows that the silver price has been in a tight range in the past few weeks. The price seems to be forming an ascending triangle pattern that is shown in purple. Also, it is being supported by the short and medium-term moving averages.
Therefore, in the next few days or weeks, there is a possibility that the price will have a bullish breakout. If this happens, the next key level to watch will be $30, which is 11% above the current level.
Silver technical chart