Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Test

Important information

By using this website, you confirm you are not a resident of the European Union, the United States of America, the United Kingdom, Iran, Myanmar, North Korea, Norway, Iceland, Switzerland, Liechtenstein, and the Philippines or accessing it from these jurisdictions. We assume no liability for the consequences of non-compliance with local laws.

Trading news
Back
19 Apr 2021

Silver Price Analysis: Bearish flag spotted, $26.30 holds the key for XAG/USD bulls

  • Silver continued with its struggle to break through a strong barrier near the $26.30-35 region.
  • A short-term ascending channel seemed to constitute the formation of a bearish flag pattern.
  • Bullish oscillators on hourly/daily charts warrant some caution for aggressive bearish traders.

Silver struggled to capitalize on its early uptick and witnessed a modest pullback from the vicinity of four-month tops, around the $26.30 region touched on Friday.

Looking at the technical picture, the recent bounce from the $23.80-75 region, or YTD lows stalled near a resistance marked by the top boundary of a short-term ascending channel. Given a sharp pullback from the key $30.00 psychological mark, the mentioned channel constitutes the formation of a bearish flag pattern.

The XAG/USD's inability to break through the pattern resistance and the subsequent pullback suggests that the near-term positive move might have run out of steam. That said, bullish technical indicators on hourly/daily charts warrant some caution before positioning for any meaningful near-term depreciating move.

Hence, any further pullback is likely to find decent support near the lower end of the channel, around the $25.20 region, which coincides with the very important 200-day SMA. This is closely followed by the key $25.00 psychological mark, which if broken decisively will confirm a breakdown and prompt some technical selling.

The XAG/USD might then turn vulnerable to weaken further below the $24.75-70 intermediate support and slide back towards challenging the $24.00 mark. Some follow-through selling will expose YTD lows, around the $23.80-75 region, below which the downward momentum could drag the white metal towards the $23.20 support zone.

On the flip side, any positive move back above the $26.00 mark might continue to confront stiff resistance near the $26.30-35 heavy supply zone. A convincing break through the channel barrier will negate any near-term negative bias and pave the way for a move towards the $27.00 mark en-route the next hurdle near the $27.65-70 area.

XAG/USD daily chart

fxsoriginal

Technical levels to watch

 

Apr 19, 2021

EUR/USD loses some ground, retreats from tops near 1.2050

The euro cannot have a better start of the week. Indeed, the single currency saw its buying interest exacerbated on Monday and pushed EUR/USD further
Read more Previous
Apr 19, 2021

China: PBoC seen unchanged this week – UOB

Economist at UOB Group Lee Sue Ann expects the PBoC to keep its monetary conditions unchanged at its meeting this week. Key Quotes “The PBoC said ther
Read more Next