FX.co ★ lstanton | XAG/USD, SILVER

Hello traders, SILVER

Silver XAG/USD quotes are ending the trading week with a strong uptrend and the beginning of the "Triangle" pattern implementation. Moving averages indicate a bullish trend for the asset. Prices have broken through the area between the signal lines upwards, indicating pressure from metal buyers and a potential continuation of the rise from current levels. At the moment, we should expect an attempt to develop a bearish correction in the asset's price and a test of the support level near the 53.85 area. Next, there could be a continuation of the Silver price increase with a potential target above the 65.85 level. A decline and a breakthrough of the 44.85 area will cancel the XAG/USD price increase scenario. This would indicate a breakthrough of the support area and a continuation of the Silver price decline with a target below the 38.75 level. Confirmation of the uptrend development will be a breakthrough of the resistance level and price closure above the 58.65 level. Silver is expected to attempt a support level test near the 53.85 area. Then, there might be a continuation of the Silver price increase with a target above the 65.85 level. A decline and a breakthrough of the 44.85 level will cancel the XAG/USD price increase scenario. This would indicate a continuation of the price decline towards levels below 38.75.