XAG/USD’s breakout of technical resistance opened the door to testing $25.00.
XAG/USD’s pullback would expose a prior’s resistance trendline turned support around $24.25.
Silver price is eyeing to extend its gains past the $25.00 a troy ounce after hitting a new YTD high at $24.98. Since then, the XAG/USD retreaded some of those gains and hovers around the $24.80-$24.95 area, gaining 4.03%.
XAG/USD Price action
From a daily chart perspective, the XAG/USD is upward biased. The break of a four-month-old downslope resistance trendline opened XAG’s door to test the $25.00 mark, which, once cleared, could pave the way for further upside, with risks at April 18 daily high at $26.21, followed by 2022 high at $26.94.
Oscillators like the Relative Strength Index (RSI) entered overbought conditions, but remained below 80, seen as the overbought peak, after a strong uptrend. The Rate of Change (RoC) continues to push higher, though it remains shy of hitting its peak after the RoC soared after Silver’s bottom was around $19.92.
In the event of a pullback, XAG/USD’s first support would be the four-month-old resistance trendline turned support at $24.20-35, followed by the $24.00 psychological level. Once broken, that would exacerbate a dip towards the hanging man low at $23.57.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن