For Traders

Analytical Reviews

Trading plan

04.05.202108:35 Forex Analysis & Reviews: Silver Confirmed Its Reversal!

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Silver rallied yesterday as the USD dropped after some poor US data. The commodity stands at 26.764 level lower versus 26.994 yesterday's high.

The price has slipped lower after its amazing rally. Still, the current decline could be over anytime and the rate could resume its growth. Technically, the current retreat could help us to catch new long opportunities.

XAG/USD is bullish after registering a valid breakout through a dynamic resistance. Yesterday's new higher high signaled that the upside movement may continue.

XAG/USD Bulls In Control!

The valid breakout through the descending pitchfork's upper median line (UML) and stabilizing above the median line (ml) of the ascending pitchfork signaled a new upside momentum.

It could retest 26.646 static support before jumping higher. Consolidating above this level or stabilizing beyond the R2 (26.802) could bring a new opportunity.

XAG/USD rally was expected after failing to register a valid breakdown through the confluence area formed at the intersection between UML and ml.

Silver Outlook!

Yesterday's aggressive breakout through the R1 (26.371) and above the immediate former highs represented a buying opportunity.

Consolidating above 26.646 could bring a new buying signal with a potential upside target at the ascending pitchfork's upper median line (uml).

The bias will remain bullish as long as the rate stays above the ascending pitchfork's median line (ml).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.