XAGUSD (1H) - short term bullish bias
In the same spirit of its golden cousin, the silver is trying to recoup losses incurred from last week. The RSI divergence was the first sign that the bearish momentum was slowing down. Offers near the resistance of 16.90 were lifted without strong conviction though buyers succeeded in holding their ground. The bullish MA cross is a definite confirmation that the sentiment is turning around and the price is likely to challenge the key level of 17.15. In case of a breakout, we may expect an extended rally towards 17.50.
Key support: 16.88
Key resistance: 17.15
In the same spirit of its golden cousin, the silver is trying to recoup losses incurred from last week. The RSI divergence was the first sign that the bearish momentum was slowing down. Offers near the resistance of 16.90 were lifted without strong conviction though buyers succeeded in holding their ground. The bullish MA cross is a definite confirmation that the sentiment is turning around and the price is likely to challenge the key level of 17.15. In case of a breakout, we may expect an extended rally towards 17.50.
Key support: 16.88
Key resistance: 17.15
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.