SIlver possible buy set up

3 天前

Silver is currently in a downtrend, driven by the strength of the U.S. dollar following Fed Chair Powell's speech earlier today. However, as we analyze the chart, we can see that the price is approaching a key diagonal support level. This area has historically shown buyer interest, and I anticipate a potential rebound from this zone.

With the Fed signaling a slower pace of rate cuts in the coming year, the dollar's momentum may be temporary, creating an opportunity for silver to regain strength. This setup presents a favorable risk-to-reward scenario for a buy on XAG/USD, targeting a bounce from the diagonal support while keeping an eye on USD dynamics and upcoming economic data. Monitor closely for confirmation of buyer activity before entering the trade.