Along with the price of Gold, the price of Silver also remains bullish in the long run. The uptrend trendline has been rejected on the daily timeframe, and the price remains above the 200 Exponential Moving Average. This validates the uptrend, thus increasing the probability of further price increase.
On September 24, XAG/USD cleanly rejected the 327.2% Fibonacci retracement level applied to the corrective wave down after the price broke above the 200 EMA. Today Silver is rejecting the uptrend trendline once again, which could initiate the upside move.
While the current price is at the demand zone, which previously was a supply area, Silver should invite more buyers, who can push the price up to the 26.44 resistance level. This resistance is confirmed by 661.8% Fibs and 78.6% Fibs applied to the last stong downside move.
It can be seen that XAG/USD is building a triangle pattern, and the price can be expected to test the downtrend trendline. If/when it will get rejected, the consolidation phase is likely to start. But the break above the resistance, accompanied by a heavy buying volume, can result in the XAG/USD exponential growth without any consolidation. Overall, the trend is bullish as long as the daily closing price remains above 21.58 support.
Key support levels: 23.84, 23.58, 21.58
Key resistance levels: 26.44
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Happy Trading!
On September 24, XAG/USD cleanly rejected the 327.2% Fibonacci retracement level applied to the corrective wave down after the price broke above the 200 EMA. Today Silver is rejecting the uptrend trendline once again, which could initiate the upside move.
While the current price is at the demand zone, which previously was a supply area, Silver should invite more buyers, who can push the price up to the 26.44 resistance level. This resistance is confirmed by 661.8% Fibs and 78.6% Fibs applied to the last stong downside move.
It can be seen that XAG/USD is building a triangle pattern, and the price can be expected to test the downtrend trendline. If/when it will get rejected, the consolidation phase is likely to start. But the break above the resistance, accompanied by a heavy buying volume, can result in the XAG/USD exponential growth without any consolidation. Overall, the trend is bullish as long as the daily closing price remains above 21.58 support.
Key support levels: 23.84, 23.58, 21.58
Key resistance levels: 26.44
Thanks for reading and we appreciate your support.
Happy Trading!