Silver Price Analysis: XAG/USD still remains within the triangle formation despite a test lower
|- Silver trades 0.36% lower but it could have been much worse.
- The triangle chart pattern is still intact after a brief test lower.
Silver 4-hour candle
Silver has recovered from the lows on the session on Thursday. The price moved lower after some USD strength earlier in the session but the greenback has since reversed. The price has been moving pretty sideways for a while now and since 3rd September the price has been in a USD 1.78 range. Considering in USD 6 lower in August this is pretty tight.
Looking at the chart, the main feature is the large triangle formation. The bottom trendline had been pierced but the price recovered pretty quickly. This support matched up with the blue support zone at USD 26.26 per ounce.
The indicators are pretty flat as the market is moving sideways. The Relative Strength Index is at 50 and the MACD is just in the red with the signal lines at the mid-point too. The trend on the higher timeframe is still moving higher but this whole move sideways has been going on for a while now but a break of the previous wave high at USD 27.62 per ounce.
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Additional levels
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