Silver (XAG/USD) Is an Upward Move, Battles the Overhead Resistance at $28

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Key Levels

Resistance Levels: $26, $28, and $30
Support Levels: $24, $22 and $19

XAG/USD Price Long-term Trend: Ranging
XAG/USD price is in a sideways trend but battles the overhead resistance at $28. Following the uptrend on August 3, Silver rallied to a high of $28. The bulls could not sustain the bullish momentum above the recent high. For the past four months, the price has been fluctuating below the overhead resistance. On June 14, buyers were repelled as price breaks below the moving averages. The selling pressure may resume if price breaks below the moving average. Today, XAG/USD is trading at $22 at press time. Buyers are pushing the Silver (XAGUSD) to retest the overhead resistance.

Silver (XAG/USD) Is an Upward Move, Battles the Overhead Resistance at $28
XAG/USD – Weekly Chart

Weekly Chart Indicators Reading:
Silver (XAGUSD) is at level 43 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and capable of further decline. The 21-day line and the 50-day line moving averages are sloping horizontally indicating a sideways trend. The price bars are below the 21-day line and 50-day line moving averages indicating a possible downward move.

XAG/USD Medium-term Trend: Bullish
On the 4- hour chart, Silver (XAGUSD) is in a brief uptrend. The uptrend is expected to reach the high of level $23. Meanwhile, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Silver will rise to level 1.618 Fibonacci extension or $23.14.

 Silver (XAG/USD) Is an Upward Move, Battles the Overhead Resistance at $28
XAG/USD – 4 Hour Chart

4 -Hour Chart Indicators Reading
Silver (XAGUSD) is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The market may decline as sellers emerge in the overbought region. The 21-day line and 50-day line moving averages are sloping
upward indicating the brief uptrend.

General Outlook for XAG/USD
Silver (XAGUSD) is in a downward move but battles the overhead resistance at $28. Buyers failed to keep price above the $28 overhead resistance level. The brief uptrend is facing resistance at the high of level $23. The market will further decline if it faces rejection at the recent high.

 

Source: https://learn2.trade

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