Uk news
- XAG/USD is poised for five consecutive weeks of gains, up 0.81%.
- Silver’s break beneath $26.00 opened the door for a test of $25.00.
Silver brand reached a unusual YTD high at $26.08, but retraces, as traders reserving profits, are forming a bearish-engulfing candle pattern, suggesting that extra draw back is warranted. Among technical indicators, US economic news and Fed speakers underpinned the US Dollar (USD) to the detriment of the white metal. At the time of typing, the XAG/USD is trading at $25.23, down 2.26%.
Uk news XAG/USD Designate Action
The XAG/USD is aloof upward biased from a daily chart perspective. The emergence of a bearish candlestick pattern and the Relative Strength Index (RSI) exiting oversold territory caused profit-taking in the white metal. Additionally, a negative divergence between XAG/USD’s brand action and the Rate of Change (RoC) indicates that buying stress is waning, exacerbating Silver’s fall beneath $26.00.
If XAG/USD falls beneath $25.00, that will pave the way toward the February 2 high at $24.63, the outdated resistance grew to changed into toughen, adopted by the 20-day Exponential Absorbing Average (EMA) at $24.20. Once cleared, the psychological $24.00 stage can be subsequent.
Conversely, for a bullish continuation, the XAG/USD wants to accept above the April 13 low of $25.40, which may motivate XAG traders to re-enter the market at solid brand levels. In that case, the XAG/USD first resistance can be the YTD high at $26.08, adopted by April 18, 2022, swing high at $26.21, adopted by 2022 high at $26.94.
XAG/USD Daily Chart
XAG/USD Technical Levels
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