Silver Price Analysis: XAG/USD eyes ascending triangle breakout above $22.80


  • Silver is poised for a range breakout, with an upside move likely.
  • XAG/USD looks for an ascending triangle breakout on the 4H chart.
  • RSI points north above the midline, supporting the bullish view.

Silver price (XAG/USD) is breaking higher from its prison range seen over the past one week, as the bulls are back in the game, looking to recapture the $23 mark.

The sharp pullback in the US dollar across the board amid readjustment of the positions has collaborated with the upside in the USD-denominated white metal.

Looking at silver’s four-hour chart, the price has been trading within an ascending triangle formation since October 3, now aiming for the pattern hurdle at $22.81.

Silver price has managed to find a strong foothold above the powerful resistance at $22.59, where the 21 and 50-Simple Moving Averages (SMA) intersect.

The Relative Strength Index (RSI) edges higher above the central line, backing the upbeat view.

A four-hourly candlestick closing above the horizontal trendline resistance at $22.81 will confirm an upside break of the ascending triangle pattern, calling for attest of the $23 mark.

The next significant upside barrier awaits at the descending 200-SMA at $23.15.

Silver Price Chart: Four-hour chart

On the flip side, rejection at the trendline hurdle could recall the sellers, downing the rates towards the abovementioned strong resistance-turned-support at $22.59.

The horizontal 100-SMA at $22.49 will be threatened if the downside momentum picks up steam.

Further down, the rising trendline support at $22.37 will be the last line of defense for silver bulls.

Silver Additional levels

XAG/USD

Overview
Today last price 22.71
Today Daily Change 0.16
Today Daily Change % 0.71
Today daily open 22.56
 
Trends
Daily SMA20 22.56
Daily SMA50 23.37
Daily SMA100 24.89
Daily SMA200 25.59
 
Levels
Previous Daily High 22.77
Previous Daily Low 22.35
Previous Weekly High 23.19
Previous Weekly Low 22.21
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.51
Daily Fibonacci 61.8% 22.61
Daily Pivot Point S1 22.35
Daily Pivot Point S2 22.14
Daily Pivot Point S3 21.93
Daily Pivot Point R1 22.77
Daily Pivot Point R2 22.98
Daily Pivot Point R3 23.2

 

 

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