Silver started to increase again in the short term after Friday’s sell-off. The price dropped only because the DXY, US Dollar Index has rallied after better than expected US data published on Friday.
The sell-off was only a temporary one as the bias is still bullish. DXY’s current sell-off helped the XAG/USD buyers to take the lead again. Some poor economic data reported from the US during the week could boost the price of silver.
Technical Analysis!
Now it’s traded at 27.805 level below the weekly pivot of 27.841. It has found support on the inside sliding line of the descending pitchfork and now is back above the median line (ml). The bias is still bullish as the price is located far above the uptrend line.
Closing and stabilizing above the weekly pivot point (27.841) could really signal a further growth towards the R1 (28.472) and up to the upper median line (uml). Technically, its failure to approach and reach the S1 (26.927) signaled an upside movement.
The outlook will be bullish as long as Silver is traded above the median line (ml) and beyond the uptrend line. The ascending channel’s upside line could be used as an upside target as well.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply