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4 Aug 2020

Silver Price Analysis: XAG/USD’s path of least resistance is to the upside

  • Silver is teasing a symmetrical triangle breakout on hourly chart.
  • Upside appears more compelling amid a lack of healthy resistance levels.
  • Hourly RSI trades above 50.00, supporting the bullish case.

Silver (XAG/USD) is on the verge of a range breakout after it consolidated above $24, within a symmetrical triangle formation on the one-hour chart this Tuesday.

A break above the falling trendline resistance at $24.37 will validate the pattern, opening doors for a test of the upside target at $25.57.

Ahead of that level, the spot could test the psychological resistance of $24.50. The next hurdle awaits at $24.95, the intersection of July 29 and August 3 high.

The hourly Relative Strength Index (RSI) holds steady above the midline, backing the case for the upside.

While to the downside, the $24.28 level offers strong support, which the convergence of the rising trendline support, 21 and 50-HMAs.

Selling pressure will intensify on a break below the latter, calling for a test of the horizontal 100-HMA at $24.06.

The next cushion is placed near $23.80, where the 200-HMA and the triangle lowest point.

Silver: XAG/USD hourly chart

fxsoriginal

Silver additional levels

 

Aug 4, 2020

European Monetary Union Producer Price Index (MoM) above forecasts (0.5%) in June: Actual (0.7%)

European Monetary Union Producer Price Index (MoM) above forecasts (0.5%) in June: Actual (0.7%)
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Aug 4, 2020

USD/BRL: Brazilian market provides reasons to sustain a move to 5.10 by end-2020 – MUFG

In July, the Brazilian real, benefitted by the improvement of external and domestic markets, appreciated against the US dollar from 5.4394 to 5.1851.
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