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.




Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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