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XAG-USD

XAGUSD approaching resistance, potential drop! XAGUSD is approaching our first resistance at 16.83 (horizontal swing high resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement) where price might potentially drop to our major support at 16.33 (horizontal swing low support). Stochastic (55,5,3) is also testing our resistance and a reaction off this level might be a good precursor for a potential drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
XAGUSD Enters 2 x Demand AreaSilver has again reached its crucial lower range end and is in a serious demand area around the $16 area on top of a Daily Trendline and area of support. It also sits atop the 23.6 of the larger move, price tends not to drop below here in recent history look for a Long entry with your stoploss below the 23.6 Price is in a Weekly Wedge and very likely to break out soon, so beware of the drop through, Price action is mandatory. On the flip side of that, if it breaks above this could be a long term hold.
OANDA:XAGUSDLong
by PardoFX_Trading
XAG/USD 1H Chart: Pair expected to appreciateXAG/USD has been trading sideways in a diminishing range since early February. This has resulted in the formation of a wedge-like pattern. The latest test of its bottom boundary occurred early in April when then the metal reversed from the 16.25 mark. It should be noted that the 2018 low is located at 16.15. The pair has since edged higher and breached the prevailing short-term channel down. This level coincides with a massive support cluster formed by the 55-, 100– and 200-hour SMAs and the weekly and monthly PPs. The pair surpassing such a strong barrier does suggest that the rate could continue appreciating during the following trading hours. A possible upside target is the upper wedge line circa 16.70. In case this level is breached, the pair should target the 50.00% Fibonacci retracement at 16.93. Meanwhile, a breakout of the aforementioned support is likely to result in a fall down to the 2018 low.
OANDA:XAGUSDLong
by UnknownUnicorn890690
XAG/USD 1H Chart: Awaits bullish confirmationSilver has been trading in a triangle-like formation during the past three months. The bearish channel which guided the pair since mid-January was breached to the upside last week, thus entering a minor period of consolidation. It is likewise apparent that the rate has remained near the upper triangle boundary for a few sessions. Taking into account these two factors, it is likely that the northern side of this formation surrenders next week. A possible near-term target is the 50.0% Fibonacci retracement near 17.00. This area has proved to be a strong resistance level that might eventually let bears to take over the market once again. In order for this bullish scenario to occur, Silver has to overcome the combined resistance of the 55-, 100– and 200-hour SMAs at 16.50. In case this does not occur, the most probable downside target is the 2018 low of 16.17.
FX_IDC:XAGUSD
by UnknownUnicorn890690
XAG/USD 4H Chart: Silver likely to edge higherSilver had been moving in a channel down against the US Dollar since mid-January prior to breaching this pattern yesterday. The failure to initiate a new wave down was caused by an upward-sloping trend-line which reversed the rate near 16.30 mark where the 23.60% Fibo retracement is located. As a result, the pair went for a breakout of the channel, at the same time dashing through the combined resistance of the 55– and 100-period SMAs and the weekly PP. A breakout of such a strong barrier does suggest that a surge is likely to follow in the medium-term. A possible upside target is another trend-line, reinforced by the 61.80% Fibo retracement, near 117.30. In terms of the following trading sessions, it is likely that the pair tries to form a rebound from the breached channel just to gain some strength for a breakout of the 200-period SMA. However, the support cluster located circa 16.50 should force a reversal back north.
OANDA:XAGUSD
by UnknownUnicorn890690
XAGUSD testing resistance, potential for a drop!XAGUSD is testing its resistance at 16.949 (100% Fibonacci extension , 50% Fibonacci retracement , 61.8% Fibonacci retracement , horizontal swing high resistance) and could potentially fall to support area between 16.161 (L T 61.8% Fibonacci extension , 100% Fibonacci extension , swing low support) and 16.025 (61.8% Fibonacci extension , 78.6% Fibonacci retracement ). We have also identified a 2nd resistance at 17.101 (61.8% Fibonacci retracement , 76.4% Fibonacci retracement , horizontal pullback resistance). RSI (55, 5, 3) shows a descending resistance that price is approaching which could lead to a corresponding fall in price.
FX_IDC:XAGUSDShort
by ICmarkets
1
XAGUSD bounced off its support, potential to rise further XAGUSD has bounced nicely off its support at 16.161 (100% Fibonacci extension, swing low support) where there may be potential for it to rise further to its resistance at 16.976 (100% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal swing high resistance). We have also found a 2nd support at 16.038 (61.8% Fibonacci extension, 78.6% Fibonacci retracement). Stochastic (89, 5, 3) shows a corresponding bounce off its support at 2.71% where it has potential to rise to its resistance at 97.14%
FX_IDC:XAGUSDLong
by ICmarkets
XAG/USD 1H Chart: Bulls could push for breakout After hitting the bearish trend-line at 17.67 three weeks ago, XAG/USD has been guided by a channel down. The short-term rising wedge that bounds the latest wave up within this channel. In terms of today, the pair’s failure to breach the 200-hour SMA near 16.62 earlier in the day resulted in a southern breakout of the short-term wedge. The rate was stranded in a narrow range between the 200– and 55-hour SMAs by mid-session. It is likely that a breakout from any of these barriers will determine the pair’s direction within the following days. Even though the general tendency of technical indicators is southwards, the pair could find support at the 100– and 55-hour SMAs and the weekly PP circa 16.50, thus pressuring the rate for a breakout north. A possible upside target in this scenario is the monthly PP at 17.28.
OANDA:XAGUSDLong
by UnknownUnicorn890690
XAG/USD 1H Chart: Silver forms minor triangleSilver’s movement against the US Dollar during the previous eight weeks has been bounded in a channel up. During its latest wave up which started on January 23, the pair failed to reach its upper boundary and reversed near a long-term down-trend (dominant in 2017) circa 17.70. Its subsequent movement resembles a minor descending triangle. In line with this pattern, a breakout should occur to the upside. Prior to this scenario, Silver might still edge lower for a brief period of time down to the support of the 200-hour SMA at 17.20, thus returning near the 17.50 mark within this week. Given that this area is reinforced by the 55-hour SMA and the monthly R1, bulls might be reluctant to breach it right away. In case the down-trend at 17.70 is breached, the pair should advance towards 18.10.
OANDA:XAGUSDLong
by UnknownUnicorn890690
Silver being squeezed for a major move!Silver is seeing major resistance below 17.21 (61.8% Fibonacci retracement, horizontal swing high resistance) while an ascending support line continues to hold price up and squeeze it against this major resistance. A major move can occur in both directions in such scenarios. If price manages to break and close below our ascending support line, this could trigger a strong drop towards our major support at 16.21 (Fibonacci retracement, horizontal breakout level). It is worth noting that Gold which is positively correlated with Silver is also similarly below major resistance. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
XAG/USD 1H Chart: Silver consolidatesSilver was guided by a channel down against the Greenback for four months. This prevailing pattern was breached on the last trading day of 2017, thus resulting in the formation of a bullish ascending channel. The pair has since managed to edge slightly higher; however, its has shown reluctance to move past the 17.25 area. This demonstrates that the market is indecisive. Thus, the pair might remain near the 55– and 100-hour SMAs in this session. Weekly technical indicators suggest that Silver is likely to depreciate during the following days. This will bring the rate closer to the lower channel boundary and 200-hour SMA circa 16.90. It is likely that this area is respected, thus resulting in a reversal and further advance.
FX_IDC:XAGUSD
by UnknownUnicorn890690
Silver testing major resistance, possible upcoming reversal! Silver has started to react strongly off a major resistance level at 17.21 (61.8% Fibonacci retracement, horizontal swing high resistance) and a strong reaction could possibly occur at this level to drive price down to at least 16.21 support (Fibonacci retracement horizontal breakout level). Our next major level of resistance is at 17.64 (78.6% Fibonacci retracement, breakout resistance level). Stochastic (34,5,3) is seeing major resistance at 96% and a corresponding reaction could occur at this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
1
Silver approaching major level of resistance, keep an eye out!Silver is approaching a major level of resistance at 16.31 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback resistance) and a strong reaction could occur at this price to push price down to support at 15.62 (Fibonacci extension, horizontal swing low support). Our next major level of resistance is at 16.63 (Fibonacci retracement, horizontal pullback resistance). Stochastic (34,3,1) is seeing major level of resistance at 99% where a corresponding drop could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
XAG/USD 1H Chart: Silver guided by long-term channelSilver has been trading in a neat descending channel against the US Dollar for the past four months. The pair bounced off the lower boundary of this pattern two weeks ago and initiated a new wave up. The rate has, however, shown some reluctance to continue trading in the same steep manner, as apparent from its slight period of consolidation during the past three sessions. This might suggest that a minor pull-back could be due in the nearest time. Silver is currently testing the 55-hour SMA circa 16.10, while the 100-hour SMA and the monthly S1 are also located nearby near the 16.02 mark. By and large, the pair might even fall slightly lower or trade sideways; however, the general direction during the following weeks is expected to be towards the upper boundary of the aforementioned long-term channel located in the 16.60/80 territory.
FX_IDC:XAGUSD
by UnknownUnicorn890690
Silver approaching supply area, could a reversal occur?Price is approaching an area of resistance at 16.31 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback resistance) and a strong reaction could occur at this level. Our next level of major resistance is at 16.63 (38.2% Fibonacci retracement, horizontal pullback resistance) and our next major level of support is at 15.62 (Fibonacci extension, horizontal swing low support). Stochastic (34,3,1) is seeing major resistance at 99% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
Silver approaching major resistance!Silver is seeing major resistance at 16.313 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback resistance) and a strong reaction could occur at this level. The next major level of resistance is at 16.639 (Long term 38.2% retracement, horizontal pullback resistance) and the next major level of support is at 15.62 (Fibonacci extension, horizontal swing low support). Stochastic (34,3,1) is also seeing major resistance below our 99% level and stochastic could rise to that level before having a corresponding reaction. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill