Silver (XAG/USD): looking forward to ride a bullish wave

Silver (XAG/USD): looking forward to ride a bullish wave

Silver has been riding an overall bullish structure that it’s looking for a consolidation above the 200 SMA at H1 chart. According to our Fibonacci’s projections, the XAG/USD pair has made a rebound above a key demand zone between the 16.67 and 16.50 levels (50% - 65%) and it’s now pointing to test the 17.49 level, at which lies the -23.6% Fibonacci retracement level.

To the downside, if Silver manages to break below 16.50, then it can plummet towards 16.35 (78.6%), which is the last hurdle before to invalidate the bullish bias. RSI indicator remains in the positive territory.





Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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