English
English
Tiếng Việt
ภาษาไทย
繁體中文
한국어
Bahasa Indonesia
Español
Português
zu-ZA
0

Market Analysis

XAG/USD Could Exceed $28.00 to Challenge Upper Channel Boundary
Amos Simanungkalit · 13.4K Views

54F60599-2E19-4f91-AF18-DE8411253305

 

Silver prices are holding steady near $28.00 per troy ounce during the European session on Tuesday. Analysis of the daily chart reveals a bearish outlook as the XAG/USD pair continues to consolidate within a descending channel pattern.

The 14-day Relative Strength Index (RSI) remains above the 30 level, reinforcing the downward trend. A drop below the 30 level could signal an oversold condition, suggesting a potential short-term correction.

The Moving Average Convergence Divergence (MACD) indicator also reflects a bearish trend for Silver. The MACD line is positioned above the centerline and the signal line, indicating a negative overall trend.

In terms of support, Silver may test the lower boundary of the descending channel at $26.40, followed by May’s low at $26.02.

On the resistance side, Silver could face immediate resistance near the upper boundary of the descending channel at $28.30, followed by the “throwback support turned resistance” at $28.60 and the nine-day Exponential Moving Average (EMA) at $28.63.

A move above these levels could see the XAG/USD pair approaching a two-month high around $31.75.

 

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

Need Help?
Click Here