In today’s comprehensive Silver technical analysis, we will first scrutinize the price action of the currency pair. Following that, we will meticulously examine the technical indicators signal pertaining to the trading asset.
Silver Technical Analysis
FxNews – The momentum of silver’s uptrend slowed near the 61.8% Fibonacci resistance. However, the XAGUSD pair is still ranging inside the bullish flag and above the Ichimoku cloud. While the awesome oscillator bars are showing divergence, the sellers couldn’t dominate the market. The divergence seems neutralized by taking the silver price into a consolidation phase. This phase might extend lower to the Ichimoku’s resistance, but the outlook of silver’s trend remains bullish as long as the price hovers above the cloud.
In this scenario, the target for silver appears to be the 78.6% Fibonacci resistance near the $25.2 mark. This technical analysis highly depends on whether the price stays above the cloud or flips below it. Please note, the bullish bias is invalidated if the market goes below the 38.2% Fibonacci support.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.