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XAG-USD

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
XAG/USD faces significant resistanceFollowing a mediate-term decline that ended in early July, XAD/USD started to trade in an ascending channel. Its highest peak was reached on September 8 when the pair tested a four-month high at 18.18. Subsequently, another pattern—a falling wedge—was formed. Given the narrow range of the latter, it might be assumed that a breakout is likely to occur in the upcoming hours. Descending wedge is generally a bullish pattern that is formed as a minor correction against the overall up-trend. Taking this into account, Silver should push north even before reaching the lower channel boundary. Technical indicators demonstrate that the rate should remain relatively stable both on daily and weekly time-frames, thus breaching the wedge to the upside. However, the 55-, 100– and 200-hour SMAs must be surpassed to realise the above scenario.
FX:XAGUSD
by UnknownUnicorn890690
XAG/USD Channel DownThe decision to review the situation on the Silver charts was made due to the alternative it possesses to the safe investment of Japanese Yen, Swiss Franc and Gold. The metal trades simultaneously in three various channels. On a large and medium scale patterns the metal is trading in ascending channel patterns. However, it might be more relative to day traders that the commodity price is descending in channel down pattern in the short term. By the end of the week the metal’s price should reach the lower trend line of the most dominant channel near the 16.80 level. However, it faces the support of the 100-period SMA before reaching that level.
FX_IDC:XAGUSD
by UnknownUnicorn890690