Silver dropped in the short term, but the bias remains bullish. The price has found strong support, so it could start increasing again. A temporary drop was expected after reaching a strong resistance level.
It’s trading in the green at 27.777 level at the moment of writing trying to approach the 28.000 psychological level. USD’s depreciation helps the price of silver to increase and erase its losses. Technically, the bias is bullish as the price has invalidated a further decline.
Silver (XAGUSD) H4 Analysis!
Silver dropped after registering only a false breakout above the warning line (WL1). Now it has found support on the descending pitchfork’s median line (ml). Its failure to reach and retest the weekly pivot point (27.345) signaled that XAG/USD may start growing again.
The outlook is bullish as long as it stays within the up channel’s body. Coming back above the R1 (27.963) may indicate a further growth towards the upper median line (uml). A new higher high, closing above 28.003 may bring an upside breakout above WL1 as well.
Conclusion!
The false breakdowns with great separation below the median line (ml) of the descending pitchfork signaled a new upside momentum. A valid breakout above 28.000 validates a strong growth.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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