Silver is traded at 24.807 at the time of writing and it could try to resume its rebound after ending the temporary decline. XAG/USD could continue to increase in the short term if the US Dollar depreciates versus the other major currencies.
The price has rallied since last week reaching 25.050 today. Now it has retreated a little to test the immediate support levels before jumping higher again.
Silver H1 Chart Technical Analysis!
XAG/USD is traded above the minor ascending pitchfork’s median line (ml). It has come back down to test and retest the median line (ml) and the pivot point (24.733) before resuming its growth.
Stabilizing above the median line (ml) could signal that silver may approach the next downtrend line and the ascending pitchfork’s upper median line (uml).
Silver Conclusion!
XAG/USD maintains a bullish outlook term after breaking above the downtrend line and after closing above 24.529 former high.
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