Silver rallies at the time of writing and it stands at 25.449 level. The price has taken out the immediate obstacles signaling strong buyers.
The price has developed a short-term rebound after the last massive sell-off. The current risk-off sentiment that dominates the markets could send Silver higher in the short term.
XAG/USD H1 Chart Analysis!
XAG/USD jumped above the downtrend line and it has registered a valid breakout above the 50% retracement level. Now is pressuring the weekly R1 (25.447) level.
Closing above it and beyond 25.409 today’s high could announce more gains ahead. The price has retested the 50% retracement level sliding line (sl) confirming the upside breakout.
The price is bullish after stabilizing above the ascending pitchfork’s median line (ml). Now is traded above the inside sliding line (sl) which acted as a dynamic resistance. The upper median line (uml) is seen as the next upside target and obstacle.
Conclusion!
The breakout above the downtrend line and through the 50% retracement level could bring a larger 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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