XAG/USD 1H Chart: Breakout from channel
Silver has been depreciating against the US Dollar since the beginning of September. This movement has been bounded in a descending channel.
By mid-Thursday, the pair has reached the upper boundary of the descending channel and the 200-hour SMA at 14.24. This short-term appreciation has pushed technical indicators in the oversold territory. This means that a breakout is likely to occur soon.
Even if bears still move the rate lower during the following hours, the bullish momentum should take over the market in the nearest future and target the upper boundary of a medium-term channel and the weekly S1 at 14.51.
By mid-Thursday, the pair has reached the upper boundary of the descending channel and the 200-hour SMA at 14.24. This short-term appreciation has pushed technical indicators in the oversold territory. This means that a breakout is likely to occur soon.
Even if bears still move the rate lower during the following hours, the bullish momentum should take over the market in the nearest future and target the upper boundary of a medium-term channel and the weekly S1 at 14.51.
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