Thu, May 06, 2021 @ 01:03 GMT

XAGUSD Wedge Break

Silver has suffered a strong decline today, following a bearish breakout below a rising wedge pattern, around the $26.10 level. According to the overall size of the rising wedge pattern on the four-hour time frame, silver could fall towards the $25.30 support zone. Weakness below the $25.30 level could encourage sellers to test towards the current monthly low, around the $24.80 level.

XAGUSD is only bullish while trading above the $26.10 level, key resistance is found at the $26.40 and the $26.70 levels.

If XAGUSD trades below the $26.10 level, sellers may test the $25.30 and $24.80 support levels.

OctaFXhttp://www.octafx.com/?refid=871837
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.

Featured Analysis

Learn Forex Trading