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.

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