Silver Price Analysis: The XAG/USD price has converged into a triangle formation

Silver has fallen 0.60% on Tuesday despite gold pushing higher.
There is now a chart pattern forming USD 26 per ounce is a decent support.

Rajan Dhall, MSTA FX Daily

Silver daily chart

Since the silver price rally, the price has pulled away from the recent high which fell short of the USD 30 per troy ounce mark. Now the price has converged into a triangle pattern. This a clear consolidation before the market decides what the next move will be but a directional break could give us some major clues on the future path of the metal.

The chart has a very strong support level too. The red line just above USD 26 per ounce has been tested at least four times cementing its importance. On the topside, the next wave high is pretty far off at USD 28.90 per ounce and the bulls will be looking to take out that level.

The indicators look like they are pulling away from depressed levels. The Relative Strength Index has been in the oversold area but is now moving to the mid-point. The MACD histogram is just about in the green but the signal lines are still under the zero point.

On the longer-term charts, the price is still in a clear uptrend. A break of the price pattern to the upside could take the price to the recent highs near USD 30 per ounce.

Additional levels

XAG/USD

Overview
Today last price	26.64
Today Daily Change	-0.20
Today Daily Change %	-0.75
Today daily open	26.84

Trends
Daily SMA20	26.97
Daily SMA50	23.9
Daily SMA100	20.3
Daily SMA200	18.51

Levels
Previous Daily High	27.18
Previous Daily Low	26.63
Previous Weekly High	28.9
Previous Weekly Low	26.3
Previous Monthly High	29.86
Previous Monthly Low	23.44
Daily Fibonacci 38.2%	26.84
Daily Fibonacci 61.8%	26.97
Daily Pivot Point S1	26.58
Daily Pivot Point S2	26.33
Daily Pivot Point S3	26.03
Daily Pivot Point R1	27.14
Daily Pivot Point R2	27.43
Daily Pivot Point R3	27.69

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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