Silver Is pushing higher

Silver continues to recover since marked the 2018 year low at 16.04 on 1st of May. Today XAG/USD pushed very high and reached daily high at 16,57. But seems it has found resistance around the 38.2% Fibonacci retracement of latest April to May bearish run. 

Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing above the 20-day SMA, which started to turn north, and the flat 100-day and 200-day SMAs. RSI is around its mid-line and has started to lean downwards. Stochastic has eased within the extreme positive area and is looking for direction. 

The downside is supported by the 23.6% Fibo of same retracement at 16,34. Below this level silver might meet again the support provided by the 2018 low at 16.04. On the other hand the technical picture suggests further short-term increase and if bulls succeed to conquer the 16,75 the doors will be opened for testing 16,87.

Silver Broke support zone that turned resistance

Since mid December Silver formed an ascending channel and reached its highest value at $17.70 on January 25, which turned to be the infection point as had touched the descending trend line starting from late 2016 and the price turned its direction towards south.
Last Friday bears pushed the XAG/USD outside of the channel and didn’t leave a chance for return. As seen on the daily chart the price is now located far below the 100-day SMA, which supported the January lows, but now has turned into resistance. Another old support, new resistance is the 17.76, where today bulls attempts to move higher were halted.
On the same chart stochastic is located within extreme overbought conditions and is showing strong bearish momentum, while RSI is around its 40, but has lost directional strength.
The attempts for recovery during last sessions has failed and indicators show that the downward potential is increasing, so Silver will meet soon the key support area around $16.30.

XAG/USD Confluence of July's trend line and June's support

Since the beginning of February Silver prices are sharply sloping to downwards. Today the price surpassed the important support level at $17.00 and currently is trading at $16.95.

On the daily chart is clearly seen the confluence of the downward trend staring from July 2016 and the support line at June’s 2016 lows. Could this be read as a turning point or a minor stop before continuation of the short term trend?

The same chart is also showing very bearish readings. Both RSI and stochastic are placed well below their mid-lines and are displaying strong bearish momentum.

Given the fact that the US Dollar is relatively strong now, there is reasonable opportunity Silver to continue losses even below December’s 2016 trend line. 

XAG/USD Bulls are currently in play

Silver prices continue to move higher and currently are well situated  within the bullish channel, started from late December. During the past sessions bulls were challenged by the 200-day SMA (currently being at  17.85) and as seen on the daily chart finally this level was finally conquered. On the same chart technical indicators are placed in bullish territory having marked higher highs and lower lows. In the short term  the bearish pressure seems to be limited as long as the price holds above 16.55 (January’s low). First resistance is seen at 19.00 (November 2016’s high) and higher at 20.11 (September 2016’s high).

Silver: The Force Awakens

Since the beginning of July Silver prices are sliding downwards within a bearish channel. It is seen on the daily chart that Silver is quite avoiding to get close with the down side of the channel and during the last week is behaving rather bullish.

Meanwhile the 20-day, 50-day and 100-day EMAs are indicating sure bearish bias. But RSI is slowly turning from bearish to bullish mode and now is placed around the mid-lines. Stochastic surged from extreme oversold conditions and is aiming north now. Both indicators support the silver bulls and are fuelling up the rally.

The strong support at 17,00 (June and October lows) has turned into resistance, which since yesterday is conquered by the bulls. Observing the short-term bullishness is clearly seen and Silver most probably will test the top of the channel.

The combination of the indications of the technicals is significant and worth attention. The force awakens and bulls are heading towards 17.20. Whether will continue to the upside of the channel is quite early to say. One thing is sure – strong fundamentals are needed to stir the market and set clear direction.

Silver will try just a little for a few dollars more

Bears have occupied today’s trading mood of XAG/USD. In the early trading hours silver broke the resistance at $20.65 and pushed higher to mark intraday high at $20.703. Then direction turned to downside and currently is hovering around $20.40 area.

If closing above $20.65, bulls will try just a little for a few dollars more. Next resistance levels are seen at $20.80 and $21.12.

On the other hand, if closing below $20.35, XAG/USD pair would be dragged to support levels at $20.05, $19.94 and $19.16.

Meanwhile the 20, 30 and 55 day EMAs are streaming upwards noisier to underline the bullish sound. So the current downward blue mood should be considered only as a short-term correction.

XAG/USD struck between spiky lines

XAG/USD was trading today around $19.70 level, marking an intraday high at $19.795 and low at $19.485. The daily chart is showing that silver has found support at $19.20 two times, but the downward trendline, acting as a resistance seized it from advancing further. Meanwhile the 20-day, 30-day and 55-day EMA validate the bullish trend.

It is very possible the current trendline and the support at $19.20 to form a wedge scene. Until XAG/USD is stuck between these interesting lines it’s hard to find to where it will be much trilled. 

Closing above $19.70 will drag silver to test key resistance located at $20.66. One the other hand if closing below the support line, supports at $19.00 - 18.50 area will take place.

Silver slightly uplifted

During the last two weeks silver has been seen in choppy trading, forming many fleeting chart patterns, that couldn’t indicate any reasonable movement and developed to nowhere.

Since the marked high from 10th July at $20.661, silver prices formed a channel with prevailing bearish sentiment. The intraday frames were coloured with lower lows and lower highs, that couldn’t accelerate further on.

During today’s session the intraday low was marked at $19.270 and the high at $19.905, which is showing a bounce form the bottom side of the channel and meanwhile braking the support at $19.466. In the daily chart is clearly seen that the 20-day, 30-day and 55-day EMA steer to upwards and confirm the bulls run. 

Looking from the short-term perspective, silver is stuck between strong support and tilt resistance zone, drawing downside movements.  

A possible close over $20.15 area will lead XAG/USD to resistances locates at $20.45, $20.66 and $21.09. On the other hand, closing below $19.20 will drag the prices to supports levels at $19.15, $19.5 and $18.63.

Silver stays bullish

Since late June silver is behaving in a line with expectations, though is facing some difficulties to set forceful direction upwards.

Moving on up is quite sure, but we should not disregard the last week swing, which might be read as a prolonged consolidation period. 

Anyway, silver has not lost track of time as today bulls are with elevated spirit. The key support, located at $20.09 remained below. The intraday high was marked at $20.65 and the low at $20.22. Closing above today’s high will push silver to test the next resistance at $20.78. On the other hand, a daily close below $20.09 will drag silver to support zone $19.96 and $19.88. 

In a very short-term the bias remains bullish, having in mind the 20-days, 30-days and 55-days EMA, which are highlighting the upward movement.

Silver in bullish intraday bias

Today XAG/USD was trading higher and posted an intraday high at $20.34 and low at $19.62. The intraday sentiment remained bullish, confirmed my the  20-day, 30-day and 55-day EMA, as shown on the daily chart.

MACD and RSI are showing overbought market, so as expected a slight downward correction was seen slightly below the daily support zone at $19.834.

Last week we witnessed an intermediate-term higher trending facing to the long-term resistance zone. Since then silver is hovering around $19 level. Meanwhile the highs marked on 1st and 4th of July and the powerful move in the short-term left buyers exhausted. In case the market skip some additional selling, a short consolidation period is about to push the price towards $21 level. One thing is sure – the recent highs are yet to be digested with a possible extended pull back period. 

Currently we should pay particular attention to the behaviour against Monday’s highs. If trading higher, the resistance at $21.56 (July 2014 high) should be set on focus. On the other side, closing below $19.83 will drag silver towards supports at $19 zone or even $18.50. 

Silver boosted on Brexit

The Brexit vote boosted XAG/USD and silver pinned fresh new high at $18.29, which is the highest level since January 23th. On Friday XAG/USD was trading around  $17.75, marking an intraday high at $18.29 and bottom at $17.06.
In the early trading hours we witnessed a correction at the level of the 20-day SMA, but the pair coundn’t near the support at $17.15. The intraday trend continued in stong bullish sentiment, confirmed by the MACD and the 20, 50 and 200 SMA, which are heading upwards.
XAG/USD closed at $17.707 an bulls are likely to test the key resistances located respectively at $17.84, $17.99 and $18.17. Strong support is located at $16.83 (200-day SMA). 

Silver runs out for short

Silver prices dragged slightly down as encountered bears creeping and conquering the key support at $16.31.

Latest peak marked by silver on April 19 at $16.90 was followed by a lower high of $16.63 and since then the short term sentiment turned to bearish.

Currently XAG/USD is trading around $16.255, 1,02% lower, hitting intraday high at 16.455 and low at 16.215.

Key resistance is located around $16.40 and support levels to watch are $16.21 and $16.09.

We witness perfectly incomplete performance, as silver suffers for short. A correction is taking a shape, which is seen by 20- and 55-day EMAs.

Silver lining

Lately the volatility of forex market is fading away and is drifting further everyday.
Trading is getting more difficult and unprofitable, as the ratio risk profit is worsening.

During 2016 we’ll witness a twist of risk appetite and all market participants will turn to safe-heaven assets, such as precious metals. Every cloud has a silver lining.
The reducing carbon emissions through renewable energy  should lead to increased demand for silver in related industries (eg use in solar cells). 

Yesterday silver benefited from the weaker US dollar and the uplifted gold and this pushed XAG/USD to 17.60, where was marked the intraday high. Afterwards a slight pull back was seen, but after all it’s just a matter of time before go higher, targeting 18.00 level. This area is a little bit frustrated, as recently resistance has checked in there. Once bulls conquer this level, it should be translated into markets as buy-and-hold pattern.