SILVER PRICE FORECAST: XAG/USD COULD SURPASS $28.00 TO TEST UPPER BOUNDARY OF THE CHANNEL
- Silver price may approach the lower boundary of the descending channel at $26.40.
- Silver price consolidates within the descending channel pattern, suggesting a bearish bias.
- A breakthrough above the upper boundary of the descending channel could weaken the bearish bias.
Silver price inches higher to near $27.90 per troy ounce during the European session on Tuesday. The analysis of the daily chart indicates a bearish bias as the XAG/USD pair consolidates within the descending channel pattern.
Additionally, the 14-day Relative Strength Index (RSI) is consolidating above 30 level, suggesting confirmation of a downward trend. A break below the 30 level would indicate an oversold situation of the asset currency and is due for a correction in the short term.
Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a bearish trend for Silver price. This configuration indicates that the overall trend is negative as the MACD line is above the centreline and the signal line.
In terms of support, the Silver price could navigate the area around the lower boundary of the descending channel at $26.40, followed by May’s low at $26.02 level
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.