We will first scrutinize the currency pair’s price action in today’s comprehensive Silver technical analysis. Then, we will meticulously examine the technical indicators’ signals regarding the trading asset.
Silver Technical Analysis – Is the Correction Over?
FxNews—Silver’s uptrend momentum 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 show 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.
Silver’s target appears to be the 78.6% Fibonacci resistance near the $25.2 mark in this scenario. This technical analysis highly depends on whether the price stays or flips below the cloud. Please note that the bullish bias is invalidated if the market exceeds the 38.2% Fibonacci support.